Monitor and Follow-up
Homebuyers need to be aware that someone has to continue to monitor and follow-up with the transaction so the property closes on time and without a lot of grief.
The closing date indicated in a purchase and sale contract is a target date. Many things need to be done before the closing date can even be set. The attorneys determine an actual closing date after the following have been completed.
- Attorney approvals of the contract -
- Property inspections completed -
- Property inspection contingency removal and, if applicable, agreement with the seller for repairs or repair credit - (Repair Credit vs. Repairs)
- Check to see if repairs are done and done properly, if applicable -
- Bank appraisal completed -
- Bank appraisal repair request and follow-up, if applicable -
- Bank appraisal amount equal to or greater than purchase price -
- Written mortgage commitment -
- Removal of mortgage commitment contingencies -
- Re-dating of abstract of title and survey -
- Certifications for survey -
- Title papers (re-dated abstract, survey, proposed deed) completed and delivered to buyer’s attorney in a timely fashion -
- Title review by buyer’s attorney -
- Correct title defects, if applicable -
- Purchase title insurance -
- Deliver package to lender’s attorney -
- Copy of homeowner’s insurance policy and paid receipt -
Sound confusing and time consuming? You bet. Nearly every step of the way has to be monitored in order to have a closing on or near the anticipated closing date in the contract. Who does the follow-up? Your Attorney? The seller’s attorney? The bank? The seller? You? Real estate agent(s)?