Contract to Close

During: Buying Process Overview: Contract to Close

Contract to Close is all about what happens once your contract has been accepted until the day of closing. It is the fifth step in the Buying Process Overview.

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The Contract to Close process is shown visually below.

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Class Watch "Contract to Close" Recording of Live Class

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Complete "Contract To Close: General" checklist

Complete "Contract To Close: General" checklist:

https://RealEstateFinancialPlanner.com/general/

Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Title" checklist

Complete the "Contract To Close: Title" checklist:

https://RealEstateFinancialPlanner.com/title/

Contract To CloseContract To Close: TitleUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Owner’s Association" checklist

Complete the "Contract To Close: Owner’s Association" checklist:

https://RealEstateFinancialPlanner.com/owners-association/

Contract To CloseContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Seller's Property Disclosure" checklist

Complete the "Contract To Close: Seller's Property Disclosure" checklist:

https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Loan and Credit" checklist

Complete the "Contract To Close: Loan and Credit" checklist:

https://RealEstateFinancialPlanner.com/loan-and-credit/

Contract To CloseContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Appraisal" checklist

Complete the "Contract To Close: Appraisal" checklist:

https://RealEstateFinancialPlanner.com/appraisal/

Contract To CloseContract To Close: AppraisalUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Survey" checklist

Complete the "Contract To Close: Survey" checklist:

https://RealEstateFinancialPlanner.com/survey/

Contract To CloseContract To Close: SurveyUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Inspection and Due Diligence" checklist

Complete the "Contract To Close: Inspection and Due Diligence" checklist:

https://RealEstateFinancialPlanner.com/inspection-and-due-diligence/

Contract To CloseContract To Close: Inspection and Due DiligenceUltimate Nomad ChecklistWeek 13

Complete "Contract To Close: Closing and Possession" checklist

Complete the "Contract To Close: Closing and Possession" checklist:

https://RealEstateFinancialPlanner.com/closing-and-possession/

Contract To CloseContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13

The Contract to Close stage consists of the following steps with brief explanations of what is included in each step:

WARNING: Some of these steps are happening concurrently (at the same time). For example, often Title and Inspection and Due Diligence are happening at the same time. It would be a mistake to assume that you complete these sequentially.

General

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  1. Complete "Contract To Close: General" checklist
  2. Complete "Acceptance Deadline Date" checklist
    Complete "Acceptance Deadline Date" checklist. This goes along with the "Acceptance Deadline Time".

    We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-date/

    Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  3. Complete "Acceptance Deadline Time" checklist
    Complete "Acceptance Deadline Time" checklist. This goes along with the "Acceptance Deadline Date".

    We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-time/

    Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  4. Complete "Alternative Earnest Money Deadline" checklist
    Complete "Alternative Earnest Money Deadline" checklist.

    We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

    IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

    https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/

    Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13

Title

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  1. Complete "Contract To Close: Title" checklist
  2. Complete "Record Title Deadline" checklist
    Complete the "Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-deadline/

    We typically use "MEC + 7 Days" for the Record Title Deadline to give the Title Insurance Company time to deliver the title work to you to review.

    Contract Deadline: Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  3. Complete "Record Title Objection Deadline" checklist
    Complete the "Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-objection-deadline/

    We typically use about "MEC + 14 Days" to give you time to review your title work, get the advice of your Title Attorney if needed and have time to object.

    Contract Deadline: Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  4. Complete "Off-Record Title Deadline" checklist
    Complete the "Off-Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-deadline/

    We often use "MEC + 9 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  5. Complete "Off-Record Title Objection Deadline" checklist
    Complete the "Off-Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-objection-deadline/

    We often use "MEC + 16 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  6. Complete "Title Resolution Deadline" checklist
    Complete the "Title Resolution Deadline" checklist:

    https://RealEstateFinancialPlanner.com/title-resolution-deadline/

    We often use "MEC + 20 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Title Resolution DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  7. Complete "Right of First Refusal Deadline" checklist

Owner's Association

contract-to-close-owners-association

  1. Complete "Contract To Close: Owner’s Association" checklist
  2. Complete "Association Documents Deadline" checklist
    Complete the "Association Documents Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-deadline/

    We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

    Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  3. Complete "Association Documents Objection Deadline" checklist
    Complete the "Association Documents Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

    We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Seller's Property Disclosure

contract-to-close-sellers-property-disclosure

  1. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  2. Class Watch "Seller's Property Disclosure Case Studies" Recording of Live Class

Loan and Credit

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  1. Complete "Contract To Close: Loan and Credit" checklist
  2. Complete "Loan Application Deadline" checklist
    Complete the "Loan Application Deadline" checklist:

    https://RealEstateFinancialPlanner.com/loan-application-deadline/

    You'll usually apply for the loan prior to going out and looking at homes with your Real Estate Broker. However, your Lender will require an address to have a completed loan application. For the "Contract to Buy and Sell Real Estate" we typically use "MEC + 2 Business Days" to get your Lender a full, complete with address of the property, application.

    Contract Deadline: Loan Application DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

  3. Complete "Loan Objection Deadline" checklist
  4. Complete "Buyer’s Credit Information Deadline" checklist
  5. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  6. Complete "Disapproval of Buyer’s Credit Information Deadline" checklist
  7. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  8. Complete "Existing Loan Documents Deadline" checklist
  9. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  10. Complete "Existing Loan Documents Objection Deadline" checklist
  11. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  12. Complete "Loan Transfer Approval Deadline" checklist
  13. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  14. Complete "Seller or Private Financing Deadline" checklist
  15. IF OWNER FINANCING: Hire Attorney to help
    If you're buying a property and you are getting Owner Financing or Private Financing please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Appraisal

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  1. Complete "Contract To Close: Appraisal" checklist
  2. Complete "Appraisal Deadline" checklist
  3. Complete "Appraisal Objection Deadline" checklist
  4. Complete "Appraisal Resolution Deadline" checklist

Survey

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  1. Complete "Contract To Close: Survey" checklist
  2. Complete "New ILC or New Survey Deadline" checklist
  3. Complete "New ILC or New Survey Objection Deadline" checklist
  4. Complete "New ILC or New Survey Resolution Deadline" checklist

Inspection and Due Diligence

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  1. Complete "Contract To Close: Inspection and Due Diligence" checklist
  2. Class Watch "Negotiating Win-Win Inspections for Maximum Benefit" Recording of Live Class
    Watch the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

    https://RealEstateFinancialPlanner.com/property-inspection-classes/

    ClassesContract To Close: Inspection and Due DiligenceInspectionUltimate Nomad ChecklistWeek 8

  3. Complete "Inspection Objection Deadline" checklist
  4. Complete "Inspection Resolution Deadline" checklist
  5. Complete "Property Insurance Objection Deadline" checklist
  6. Complete "Due Diligence Documents Delivery Deadline" checklist
  7. Complete "Due Diligence Documents Objection Deadline" checklist
  8. Complete "Due Diligence Documents Resolution Deadline" checklist
  9. Complete "Conditional Sale Deadline" checklist

Closing and Possession

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  1. Complete "Contract To Close: Closing and Possession" checklist
  2. Complete "Closing Date" checklist
  3. Complete "Possession Date" checklist
  4. Complete "Possession Time" checklist

Once you've completed the contract, proceed to the next step in the Buying Process Overview: Closing.

Contract to Close Classes

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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