Closing Timeline / Checklist

The following timeline is intended to provide a general description and timeframe for buying a home. Please contact your attorney to get a comprehensive description and timeframe. All information herein is deemed accurate but not guaranteed.

Week 1

Receive accepted offer, conduct engineering inspection and perform other property due diligence such as oil tank testing, radon testing, certificate of occupancy review, confirmation of recent taxes, etc.

Week 2

Contract terms are negotiated and then signed by the buyer. Contracts are returned to seller’s attorney with escrow money equal to 10% of the purchase price. The seller then signs contracts and the escrow check is deposited. Once contacts are signed and the escrow check is deposited, the deal is binding.
Your attorney will order a title search.
You can begin to secure financing. The contract typically allows for 30 days to obtain a firm mortgage commitment. Your bank will order an appraisal for the property. You can submit your mortgage application with a copy of your fully executed contract.

Week 3

Call movers to get an estimate and book a time for a move. Movers book up very quickly in the spring.
Usually a buyer can access the house after contracts are signed 2-3 times in order to take measurements for curtains, furniture, etc.
Your lawyer will order a property survey if an adequate one does not exist.

Week 4

The property title report should be received by your lawyer (usually takes 3-4 weeks but may vary). Title reports contain various searches that reflect on the ownership of the property: mortgage searches, judgment searches, certificate of occupancy searches, etc. The title report also describes the recent chain of title. Your lawyer will address any issues and resolve or settle them with the seller’s attorney.

Week 6

It usually takes 2-6 weeks to receive your mortgage commitment. Typically, even though you have a commitment letter, there still will be closing conditions that need to be satisfied. In order to get a “Clearance to Close,” all the closing conditions need to be met. Without a “Clearance to Close” from the bank, a closing cannot be scheduled. Your lawyer will inform you of any additional information needed in order to obtain the “Clearance to Close.”
Start to organize the non-financed funds needed to close. All funds need to be liquid. Checks drawn on banks outside of the city or county where the property is located, even if certified, may not be accepted by the seller.
Start packing.
Two weeks before the closing, begin calling the service professionals you would like to service your home. A good place to start is asking the current owners which service providers they use and if they are happy with them. Service providers, such as those discussed below, and other important phone numbers can be found in the telephone directory section at www.thestoltzreports.com.
Service providers to contact include:

a) Landscaper

b) Alarm System provider

c) Oil/Gas company to service boiler

d) Con-Ed to get service transferred as of closing

e) Paper delivery

f) Change of address at Post Office

g) Verizon/Cablevision or other telephone/internet service provider

h) New Rochelle Water Company/Municipal Water Provider (Yonkers).

* Schedule to meet with current owners a week before the closing to review systems or other home information. The walk-through is not the time to ask questions.

Week 8

Final walkthrough usually occurs the morning of the closing to insure nothing happened (tree branches fall, basements get water) overnight. Home should be broom clean.

On closing day bring a photo ID, several personal checks, and two certified checks, one to pay-off the seller and the other to pay the title company