Congratulations on your decision to purchase a property! Although getting an offer accepted is a major step and the “beginning of the end,” there are several milestones and deadlines that must occur before you are finally handed the keys and deed to the property. Please look through the enclosed packet to educate yourself generally about a residential real estate transaction from the Buyer’s perspective.
Before you begin, you should be aware of a few quickly approaching deadlines that are in a typical Buyer’s transaction, all counted from the “Acceptance Date” or “Effective Date” of a contract—that is, the date that the Seller officially signs and dates an identical copy of the formal written offer from the Buyer. In order to maximize your likelihood of success, please keep these very early deadlines in mind and find your professional support team as early as possible:
- 5 Business Days: Attorney Review/Modification Deadline. It is critical that the attorney you hire receives the fully executed contract quickly—even before you schedule a home inspector. In an emergency, the attorney can typically request an extension to allow for more time to get an inspector into the property. Ideally you should find an attorney PRIOR to submitting an offer so that you can include the attorney information on the signature page of the contract.
- 5 Business Days: Inspection Deadline. Find a home inspector before you submit an offer, and once accepted, send in a home inspector within 1-2 days. This is especially true if you plan to conduct a radon test, as it takes several days to get the results.
- 5 Business Days: Mortgage Application Deadline. It is important that you find your lender PRIOR to submitting an offer so that you can include its information on the signature page of the contract.
- 10 Business Days: Appraisal Order Deadline. Most form contracts require a Buyer to request that the appraisal for lending underwriting be conducted within this timeframe.
Contents of this Home Buyer’s Packet
- What Happens: Contract to Closing from the Buyer’s Perspective
- About your Transaction: Buying a Home
- Tips for a Smooth Transaction
- Glossary of Terms
Please be aware that this packet is for general educational purposes only, and individual situations may vary. Contact our office today if you wish to retain our services and receive specific legal counsel on your particular transaction.