Site icon George V McDonald

Contract timing

Time is of the essence. It even says that on the contract!

 

From the minute you are presented with a contract, the clock is ticking. If you are a buyer, you have to present your offer before another buyer swoops in with their own.

If you are the seller, there is only a short window of time that you can decide upon accepting an offer. This is usually 48 hours!

 

Once you are under contract, buyers must coordinate inspections, apply for their mortgage, apply for the Homeowner Association, and deposit their escrow, within 2 weeks, if not sooner depending on the terms of your contract!

 

Sellers must have the contract submitted to the title company for them to start their title search. Sellers also should be getting final payoffs for their mortgage, and arrange to move by closing.

 

Appraisals are ordered, usually after a week or two of the executed contract. The buyer must assure they are providing all the financial documents the bank is requesting, in a timely manner to prevent any holdups of the financing.

 

Contracts require that the bank provide a financing commitment by 30 days of the executed contract!

 

The buyers must have the lending figures 3 days before closing.

 

Most importantly, everyone must be coordinated to close by closing day. Buyers are all settled with their loan, and sellers are ready to vacate the property.

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