What To Expect Once Your Offer Gets Ratified?
“We are ratified!” Once you hear that from us, your Realtors, you now have officially entered the home buying contract period. Here’s an overview of the things you can expect within the next 30-45 days on average.
The first thing we’ll do is put you in touch with our transaction coordinator. She is going to get in touch with you, help you stay on top of all your deadlines, remind you of things to do, and let you know when your deposit is in the office and deposited. You should deliver your earnest money deposit check as soon as possible into the office or the title company to comply with your contract.
Second, we are going to schedule the home inspection, if there is one. We’ll be in touch with you to find a time that works for you, the seller, and the home inspector. You’ll hire a professional (and licensed) inspector who is going to conduct a detailed inspection to discover any delayed maintenance, defects, or other issues with the property. Depending on whether your inspection contingency is “as is” or not, you might be able to negotiate with the seller for some or all of the found items to be repaired or credited for. If you have an inspection contingency, this also gives you the right to walk away from the deal.
Third, make sure to sign your official loan application in the next 7 days to comply with your contract. Your lender will begin processing your loan and will ask for documentation throughout your loan and closing process. We’ll also put you in touch with the title company who is going to conduct the title search for the property. They will make sure that the title is free and clear of any liens, make sure the person who’s trying to sell you the property actually owns it, conduct a survey of the property, and conduct your closing, among other things.
Fourth, please make sure to order your insurance as soon as possible so that you have homeowners insurance on the day of closing. While you’re doing that, you might as well call your utility company to schedule a date make to transfer the utilities into your name. You’ll want to make this effective the date of settlement. We don’t want any gap of time where the property doesn’t have utilities.
On the day of closing, we’ll conduct a final walk-through of the property to make sure that everything that was supposed to be left in the property is left and everything is in proper functioning order.
The last and final step is to go to the settlement office. A settlement attorney or agent will walk you through the papers to transfer the ownership into your name and finalize your loan. Then, you walk away with the keys to your new HOME!
For any specifics about your particular closing, it is always good to ask our team- your agent, assistant, or transaction coordinator- with all the dates and deadlines that you need to know. Want a caring team of professionals to walk you through every step of the home buying process? Contact Team Thiel today for a personalized consultation.