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Well, all that research and looking has paid off.  You've negotiated the best your could, and now the clock is ticking down to the closing date.  You may wonder what steps are left--well there are quite a few.

For the buyer:  1.  I will deliver a copy of the signed contract to your lender, if you need one, and will check to make sure the title company has a copy as well.  2. A formal written application for loan must be completed within 7 days of contract acceptance (if a loan is required).  3. From the date the contract was signed, you have 10 days to have a home inspection completed and any repair requests sent over to the seller.    4.  If an appraisal will be done, that needs to be completed by time of closing as well, earlier if a loan is requiring it.  5.  Contact your insurance to set up a policy for your new home.  6.  Contact utility companies no later than 1 week from closing to set up utilities to be active on date of closing.  7.  Finally, pack, pack, pack, and set up moving arraignments.  That's  the hard part of the entire deal, but the most rewarding since you are getting a new home.

For the seller:  1.  I will deliver a copy of the signed contract to the title company to begin title work on the property.  2.  The buyers will probably have a home inspection and that will occur during the first 10 days after the contract was signed.  3.  During the first 2-3 weeks, the buyers may have an appraiser visit the home as well to take measurements and pictures.  4.  After any repair requests addendum has been negotiated, the remaining work to be done occurs with the title company clearing the title and preparing closing documents.  This is a good time to notify your utility companies of your last day, normally the date of closing, so they can take a final reading on that day for your final bill.  5.  Get your loan information over to the title company for your loan payoff no later than 1 week of closing so the correct payoff amounts will be printed.  6.  Notify your insurance company of the sale of the property and have your policy terminate on the day you release possession of the property. This is important since you will be getting a refund of the unused part of your policy.  7. Pack, pack, pack, and clean.  The reason I say clean is that no one wants to move into a dirty house and the curtesy of cleaning up after moving out for the new owners leaves the transaction on good terms. 

The important part as well is to use a good lender, a good insurance company, and a good real estate agent to make all of this a smooth as possible.  When this all goes smoothly, buying or selling a home can be a fun experience.

Shannon Todd