Four Contract Deadlines
- Seller’s Property Condition Disclosures: How old is the roof? Is the current owner aware of any ground settling, foundation, or flood issues? This is a 6-page document the seller uses to disclose any major issues or repairs the home might have, usually within 5 days of going Under Contract. Consider this the seller’s “Tell-All” history of the home.
- Due Diligence: What other issues with the home are the sellers unaware of? Do the neighbors like the neighborhood? Is there a future highway proposal for the field behind the home? This major deadline is when we schedule a professional home inspection and research every aspect of the home, neighborhood, schools, crime reports, utilities, etc. Inspections typically cost around $350 (prices vary on size of home). You will receive a detailed report from the inspector within 24-hours of your home inspection, so you can review. Most homes for sale in Utah have maintenance issues and there might be repairs listed on an inspection report. We are there to counsel with you on what to stay away from, or what truly is the seller’s responsibility to repair. This deadline gives you 15 days to make sure there are no “red flags” when purchasing your home.
- Appraisal/Financing: Is my home worth what price I’m offering? Am I guaranteed the loan for my new home? Your lender will be asking you for documentation throughout this entire process. We will be in constant contact with the lender from day one until close. Once the inspection is complete, and we have determined the home is in good physical condition, your lender will order your appraisal to assess value, as well as process your loan and all documentation with the underwriter. This deadline usually gives us 25 days to make sure the loan is solid and the home is worth what you’re paying, so we can protect your earnest money.
- Settlement: When can I move in?! One day prior to closing, we will receive a copy of the HUD’s (Settlement Statements breaking-down all credits/debits for your purchase). We thoroughly review those to ensure there are no errors before closing.
- Closing – The next day you will sign all of your loan documents and your HUD’s at the title company. This takes roughly one hour. The escrow officer will explain your loan in great detail and answer any questions you might have. We will be at closing with you.
- Funding and Recording – Once the documents are signed, the loan will be funded and the title company will record your purchase with the County with you as the new owner. This usually takes 24-48 hours.
- KEYS – Once the property has recorded, you get the keys to your new home!!