Under Contract? Critical dates to close the deal.

Dated: February 12 2021

Views: 210

When you go Under Contract and are using Financing (mortgage) this blog article will help you keep track of the most important milestones along your transaction.

If you're paying cash the below won't pertain to you but it's good info, regardless.

Congratulations!

You are now UNDER CONTRACT at

[DREAM PROPERTY]

At any time you are able access your client file online. Your client file contains all contracts, property information, and disclosures related to your purchase and sale. 

Critical Dates

The following dates are critical to your transaction and should be added to your calendar.

PREAPPROVAL DATE:
EFFECTIVE DATE:
DEPOSIT DUE DATE:
ESCROW LETTER DUE DATE:
INSPECTION DATE:
APPRAISAL DATE:
ASSOCIATION APPLICATION DUE DATE:
ASSOCIATION INTERVIEW DATE:
MORTGAGE LETTER DUE DATE:
FINAL WALK THROUGH DATE:
CLOSING DATE:
ASSOCIATION DOCUMENTS DATE:

Not adhering to the above dates can result in the loss of deposited funds. Please communicate as soon as possible if you experience any delays. As your Realtor I will coordinate with the above parties while it will be your responsibility to complete critical steps in the process.

Definitions & Instructions

Effective date: the date both parties signed the contract. From this date the other dates are counted.

Deposit: the amount of money you put into Title to take the listing off the market and enter into a contract.

Escrow Letter: confirmation from the Title company the funds have been wired from your bank to the Title Company.

Inspection: a professional review of the property’s mechanical aspects, appliances, interior and exterior compliance with insurance, repairs.

Appraisal: The Mortgage Company orders a professional valuation of the property to determine the fair market value.

Association Application: if purchasing a condo or HOA, this application must be reviewed and completed in entirety and submitted as soon as possible.

Association Interview: if purchasing a condo or HOA, the association may or may not require an interview. This must be scheduled in conjunction with the association application.

Mortgage Letter Date: The date the mortgage letter is sent by the Mortgage officer, bank, or lender.

Final Walk-Through Date: Scheduled to ensure any improvements, updates have been met and that the property is ready to go.

Closing Date: Closing does not have to be a physical place and parties can be in different locations. The closing date is the date the documents are signed and keys are handed over.

Association Documents Date: If purchasing a Condo or HOA, after the close you will deliver closing documents to the Association to finalize the purchase and move-in.

I hope this article is helpful to organize and streamline your thinking if you're financing.

If you are paying CASH the above information will look very different.

Email derek@derekstout.com with any questions.

Search for real estate www.derekstout.com

Text or call 954-932-8053 to get a direct reply from Derek Stout.

Thank you!

Blog author image

Derek Stout

My passion for real estate began when I was a child, touring the luxury Parade of Homes in Plano and Dallas, Texas with my mom, Connie. We spent afternoons looking at houses, and picking up design ide....

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