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     The financed purchase of residential real estate typically occurs 35 days after the date of contract acceptance.  A cash deal may close within a week. The buyer typically initiates by submitting an offer contract to the seller. Usually with the aid of their real estate agents, the parties negotiate the preliminary terms and the seller signs the contract, establishing the contract acceptance date. The due diligence period, wherein either party may suggest modifications to the contract and the buyer may inspect the property and request repairs, typically runs for five days from the date of acceptance.  

     During our initial consultation, I explain the contract obligations, deadlines, contingency dates, provide a preliminary closing cost statement and specific closing instructions. After our initial discussion, and during this due diligence period, I negotiate contract modifications and reply to repair requests.  Negotiations typically conclude 48 hours after the receipt of the repair and modification requests and the due diligence period should conclude within 10 business days from contract acceptance.


     I review the ownership history, liens on title, property tax payment history, state, county and municipal records to generate a title insurance policy.  This policy demonstrates to the buyer that the seller is the owner of record and all liens and encumbrances are acceptable to the buyer, have been addressed or will be addressed at closing. 

     The buyer’s lender requires an appraisal of the property. Lender processing time and underwriting approval can be 3 weeks from ordering the appraisal.  The lender issues the loan approval and generates a closing disclosure, summary of loan terms and closing costs, for buyers acceptance.  The lenders closing figures are sent to the title company and the closing is scheduled.  The title company generates the master statement which is the final record of the parties closing costs, credits, and proceeds.

     Prior to the scheduled closing date we will meet, at your home or my office, to review and execute your sales documents. This process allows you to skip the closing table and tedious hours spent at the title company. After a final review, the seller approved master statement and the remaining conveyance documents are provided to the title company for closing.

     The Buyer signs the closing documents, the lender reviews and issues authorization, the title company disburses the funds and the property is conveyed.  Per the sellers direction, the executed closing documents and proceeds are then wired, hand delivered or next day shipped to the seller. 

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