August 20, 2019 at 10:54am | Lisa Quin

Once we have a fully executed contract on a house a variety of activities are occurring.  Here are some things you need to keep in mind:

  • How much time is available for this phase is defined in the contract

  • Several of the vendors (i.e. inspectors) will require payment from you at the time of the service

  • The responsibilities during this phase are divided between:  You, me, the lender, and the attorney

Your Responsibilities

  • Meet with the lender as soon as possible to complete your application

  • Respond quickly to requests

  • Review mechanical inspection

  • Have funds available to cover inspections

  • Avoid making any changes to your income, debts, or credit reports

  • Get insurance on the house

  • Switch utilities

My Responsibilities

  • Coordinate Inspections, Survey and Closing details

  • Review inspection reports

  • Draft a response to sellers based on your repair requests; then negotiate the items

  • Oversee the completion of repairs on your behalf

  • Schedule the closing with the attorney

  • Review closing statements with you 

  • Provide reliable vendors for you (i.e. movers, painters, etc.)

  • Attend all inspections

  • Attend closing

  • Coordinate activities with the lender

  • Trouble shoot

  • Keep you informed

  • Help you make good decisions

Lender Responsibilities

  • Take loan application

  • Provide you with a Loan Estimate

  • Order appraisal

  • Coordinate with the underwriter

  • Ensure the acceptance of the loan

  • Create the Closing Disclosure

  • Coordinate funds with the Closing Attorney

Attorney Responsibilities

  • Review the title of the house

  • Place the Title Insurance

  • Review the Closing Disclosure

  • Coordinate funds

  • Record the closing

The Closing

The closing process includes:

  • Signing the lender’s documents

  • Signing the Closing disclosure

  • Providing certified funds to the attorney

After the closing, the attorney will record the deed at the court house, which will transfer ownership. Once that activity is completed, you become the owner of the house and will receive the keys.



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