Transact and Close
The transaction phase starts with Mutual Acceptance of a Purchase and Sale Agreement between you and the seller. The closing phase usually lasts 30-60 days, influenced by loan processing and due diligence timelines.
Key Milestones:
📍 Mutual Acceptance: Agreement reached between buyer and seller.
📍 Open Escrow: A neutral third party holds funds and documents.
📍 Earnest Money: Your good-faith deposit.
📍 Inspections: Assess the property's condition.
📍 Appraisal: Confirm the property's value.
📍 Final Loan Approval: Your mortgage gets the green light.
📍 Signing Appointments: Both parties sign the closing documents.
📍 Loan Funding: Mortgage funds are released.
📍 Close of Escrow: Finalize the sale.
📍 Record Deed: Legal transfer of property.
📍 Exchange Keys: You get the keys to your new home.
Again, things vary by state, but the general process remains similar across the board.
Navigating this phase involves coordinating with multiple parties. Your agent and Loan Officer are your champions and will guide you through these steps.
💡 Pro Tip
Read everything you receive during the closing process. It may feel overwhelming and don’t expect to understand every document or communication immediately. Ask questions! Lean on the professionals you’ve engaged. Remember, even the pros operate in their silos, and your questions are duly useful as a mechanism to verify they are on the ball.
Ensure that you and your co-buyer(s) read:
• The final Purchase and Sale Agreement, including the Seller’s Disclosure
• Your loan documents
• Your Title report
Hold each other accountable on these reviews.
Matt Holmes (LinkedIn) is co-founder and CEO of CoBuy, formed in 2016 to unlock homeownership for everyone. Before hopping a flight to Seattle to start CoBuy with his mother, Matt worked in investment banking and financial markets in London for a decade. He holds degrees from University College London (BSc Economics) and ESCP Business School (Masters, London & Turin).
Pam Hughes (LinkedIn) is Co-founder and COO at CoBuy. She has over 40 years of experience across finance, real estate, insurance, and construction. Pam has committed to personal empowerment through financial education for decades, which inspired her to start CoBuy with her son in 2016. She's best friends with a small dog known as Francis.
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