The closing process: How It Works
Closing on a home purchase or refinance can be a confusing process. Most closings take about 30 days. And although we are here to answer any questions you may have, we have created a sample timeline to help you better understand what to expect during this process.
April 1st
Contract Received
When you have a fully executed contract, send it to us ASAP so we can get started clearing title.
Once we receive the contract we will:
- Order the title search
- Order the municipal lien search
- Order the survey
- Order the estoppel
April 3rd
Escrow Deposit Due
Most contracts require the buyer to make the escrow deposit within within 3 days. Check your contract terms to make sure you don’t miss the deadline and void your contract.
April 5th
Title Search Complete
We will receive the title search within 2-5 days and notify all parties of any issues requiring attention prior to closing.
If there is an association requiring approval, you should apply to the HOA for approval by this point. If you are obtaining a loan, you should have submitted a loan application by this point. Refer to your contract terms for specifics.
April 10th
Municipal Lien Search Complete
We should receive the municipal lien search within 5-10 days and will notify the parties of any outstanding permits or code violations.
April 15th
Estoppel Complete
Homeowners associations have 10 days to complete an estoppel request. By this point we should have received the estoppel and can notify the parties of any HOA violations, special assessments, or deliquencies.
April 25th
Closing Prep
A few days prior to closing we will circulate a draft settlement statement to buyer & seller, buyer’s agent and listing agent. We will schedule the closing and work out the final numbers.
Prep the bubbly!
April 30th
Let’s Close!
Buyer & seller closings are completed, usually separately. Both parties sign either in our conference room, remotely, or online via e-Signing. At this point, the seller is paid and the buyer receives the keys! Now you can pop the champagne!
Congratulations!