The closing period follows the final ratification of the contract by both attorneys.

Pending Sale1. Final mortgage application is made and all required documentation provided to the lender.Lender







ASHI2. A licensed home inspector is engaged to disclose any visible defects in the structural, mechanical, electrical systems, etc. In addition the inspector can test the appliances, test for radon, water, septic and pests as needed


Both of these steps and any other contract contingencies must be done within the time limits of the contract in order to secure recourse for any issue. If an issue with the property is found a remedy will be negotiated with the seller. If the purchaser is unable to obtain a mortgage according to the terms of the contract they must notify the seller. When the mortgage is approved the purchaser must provide a copy of the lender commitment letter to the seller.


3. The closing date is set by the lender, the seller's, and purchaser's attorney once the commitment letter has been issued.

From this point on you will work closely with your attorney. They will tell you what you will need to bring to the closing. Your attorney, your lender and broker, will help you get everything you will need.



4. A traditional final walk-thru is scheduled as near to the closing date and time as possible. This gives the purchasers a last look at the property. This also gives the purchasers the opportunity to inspect the property for any additional damage that may have occurred since the inspection subject to reasonable use, wear, tear, natural deterioration . . . (see ΒΆ 20 Standard Form Contract) and to confirm that all items agreed to be included in the contract are present. It is not an additional home inspection. If a defect is found that should have been covered within the scope of the inspection there is usually no recourse under the contract to remedy at this point.

Finally, everyone gets together at the closing table. and the property is yours and your heirs now and forever. SoldSold