What happens after the contract is signed by both parties?

NPbride Posted: Feb 07, 2005 01:38 PM

What happens after the contract is signed by both parties?

We're just waiting for the seller's to sign (they agreed to the changes we asked for), but what happens next? Do you just wait to close? We already applied for and got approved for the loan. So what's the next step? TIA!

kpny622 Posted: Feb 07, 2005 02:59 PM

Re: What happens after the contract is signed by both parties?

your attorney orders a title report and if there are any issues, you work to resolve them - your bank may need a new survey

you schedule closing with your bank and make sure there are no issues there or that they don't need more information from you

once you have a closing date, you coordinate the move-in and move-out

must get insurance in place

notify old and new utility companies to stop/set up service

change address with the post office at least 2 weeks in advance of closing

thiadora Posted: Feb 07, 2005 05:48 PM

Re: What happens after the contract is signed by both parties?

Posted by kpny622

your attorney orders a title report and if there are any issues, you work to resolve them - your bank may need a new survey

Here is my expansion on the part of the process that I am familiar with:

The title report will include searches called 'departmentals.' Usually a Certificate of Occupancy Search, Housing & Building Violations, Fire Violations, a Street Report and a Sewer Search. It will also include a tax search and bankruptcy searches on all parties.

You will also need a survey of the property. Usually people try to use an existing one and then they inspect it. However, if one cannot be located or if it is over 40 years old, a new survey has to be ordered. (Surveys usually take a couple of weeks to be completed.) Also, many times lenders will require a new survey if there are significant structural changes to the existing survey.

The title company will work with the seller's title company and the seller's attorney to clear up any issues relating to prior owners of the property and the seller.

The bank atty and your atty, in addition to reviewing the title report, will also review the departs and survey. (ex- They will check the stuctures on the survey to see if there are co's for all of them.)

The bank atty will send your atty and also the title company a list of items that must be completed before they will allow the closing to be scheduled. Some issues might be title ones and some might be for the seller to complete. Once their list has been complied with, they will authorize the closing.

skew Posted: Feb 07, 2005 06:34 PM

Re: What happens after the contract is signed by both parties?

what about an appraisal?

D&C Posted: Feb 07, 2005 08:25 PM

Re: What happens after the contract is signed by both parties?

I believe that is when you get to eat pasta everyday for the rest of your life LOL sorry, all this house hunting is making me nuts

NPbride Posted: Feb 07, 2005 09:15 PM

Re: What happens after the contract is signed by both parties?

Posted by D&C

I believe that is when you get to eat pasta everyday for the rest of your life LOL sorry, all this house hunting is making me nuts

I figured we'd alternate between pasta and mac and cheese!

Thanks for the tips! You guys were very helpful!

thiadora Posted: Feb 07, 2005 09:35 PM

Re: What happens after the contract is signed by both parties?

Posted by NPbride

Posted by D&C

I believe that is when you get to eat pasta everyday for the rest of your life LOL sorry, all this house hunting is making me nuts

I figured we'd alternate between pasta and mac and cheese!

Thanks for the tips! You guys were very helpful!

My DH says that once we buy a house we'll be eating bologna sandwiches for every meal. I would much prefer the pasta and mac and cheese