What Happens After Going Under Contract
You've made an offer on a home, the Seller has Accepted... you are officially Under Contract (in some states this is commonly referred to as In Escrow).
1. Executed Contract (also referred to as the Offer to Purchase) is delivered to the Closing Attorney, Lender (if obtaining financing), Buyer(s), Seller(s), and Agent(s).
2. The Lender will request documents in order to begin processing your loan, these items need to be delivered ASAP in order to meet the dates (Due Diligence Date and Closing Date) as dictated by your terms.
3. Schedule Inspections: Typical are a Home Inspection, Termite Inspection (also known as WDIR, Wood Destroying Insect Report), and Radon (North Raleigh and the Triangle specifically does have pockets of Radon). If your home is operating off of a Well (Community or Private) or a Septic Tank, additional inspections will be recommended. There will likely more than one inspector.
4. You will want to obtain a Homeowners Insurance Policy Quote (you may hear this referred to as Hazard Policy). Your lender will need this information for loan stipulations.
5. Together we will arrive at a list of repairs to request the Seller to perform (if our transaction has an AS-IS sale stipulation, I have wonderful and reliable vendors to help with any items important to you).
6. Lender will order the Appraisal
7. Your loan will go through the final stage of the lending process known as Underwriting. The Underwriting department may request supplemental documenation outside of what has already been provided.
8. You will want to schedule Utilties (Electricity, Natural Gas, Water, Sewer, Trash Collection, Recycle Collection, Internet, Home Phone, etc.) to begin on the day of Closing.
9. You will want to change delivery address on frequently visited sites like Amazon, submit a change of address with the USPS also.
10. A Home Warranty is a great thing to have, this offers you protection on most components of your home. There is a one time fee due at closing, then should an issue arrive you call the warranty company and pay a "Trip Charge"... the warranty company initiates the service technician (note: the home warranty company will dictate the provider, in most instances they will not reimburse you or pay a vendor directly should you contact them directly).
11. Closing Day - the actual signing of documents should take no more than 30 minutes. This will be done in person (Important Note: If you are unable to be present, a mail away package can be sent to you or a Power Of Attorney may be allowed... this needs to be discussed well in advance of Closing).
12. Receiving Keys & Moving - I recommend a morning closing time (typically 9:00 AM) so that the documents can be sent back to the mortgage company for final funding. Once the closing attorney receives "funding" (i.e. a wire to the closing attorneys trust account in the amount of your loan), they are able to Record the Deed in your name. Once that all takes place behind the scenese, Keys are released to you and you may begin moving into the home.
I do not recommend coordinating movers on the same day as Closing, there CAN be instances where Recordation does not happen until 3-4PM (most Sellers will not release keys and grant access to the home until Recordation for reasons of Liability).
We hope this information is of value to you, we would love to help you!