Resale Contract Timeline
Signed offer on negotiated terms to listing agent
Mortgage loan pre-approval letter received
Suggested Contract Timeline To account for new regulated mortgage closing procedures, this timeline suggests a minimum timeline that includes: • 21 days for buyer loan pre-approval, shopping, negotiation and final contract signing. • 45 days minimum total from contract to closing where no significant issues are anticipated. Loan approvals for many loan types and time for seller adjustment to significant property condition issues will require more time. o 21 days for Buyer Due Diligence where loan approval, appraisal and property condition are not significant issues o 8 days for seller to complete negotiated repairs o 2 days for initial walk-through and negotiation of remaining issues o 14 days for Closing Attorney to have all financial information for closing from both Seller and Buyer (must provide to lender at least 10 days prior to closing)
-7
-21 -20
-6
-1
Begin shopping for homes and showings
Negotiate terms of contract
Make Offer
Employ Closing Attorney Sales Contract to Closing Attorney Make appointment for settlement date Sales contract and Addenda to lender (add a day for each day of delay) Complete Loan Application (add a day for each day of delay) All required forms to AA via DotLoop
• • • •
1
0
Contract Acceptance by all Parties
•
• •
All inspections scheduled
Due Diligence request and agreement fully signed Schedule re- inspection for day 29
Appraisal ordered by
Review closing disclosures and settlement statement with buyer and seller
Closing attorney works on closing disclosures and remaining title work
Buyer ’ s closing disclosure mailed to buyer
lender (assume 14 days through underwriting approval)
Due Diligence request delivered to Seller
Attend Home Inspection
Re-inspection and Preliminary Walk through
Settlement and Closing
Due Diligence Period Ends
2 9 1516 17 18 19 20 21 28 2931 33 35 39 42 43 44 45
Final Walk-through Communicate approval of Settlement Statement to Closing Attorney
Inspection reports received and reviewed with Buyer. Appraisal Results received
Seller makes arrangements for all agreed repairs
Well, Septic, Pest Inspections Received
Seller completes repairs (if 8 days not enough, then delay)
All financial and title information has been submitted to lender
Negotiation of Due Diligence Request
Last day to deliver Buyer ’ s Closing Disclosure
Final financial information submitted to closing attorney
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