Transaction Milestones
Once you go under contract, things will move quickly — especially the first week! Here are all the milestones on the way to a successful closing.
Don’t worry — our Director of Operations, Sarah, will keep you on track with each of these steps.
- Initial Earnest Money Deposit
- Inspection
- Attorney Review
- Balance of Earnest Money
- Appraisal
- Condo Doc Review
- Clear-to-close
- Final Walkthrough
- Closing
Initial Earnest Money Deposit
Within 2 days after contract is executed
You will pay your initial earnest money deposit, typically $1,000. Depending on what the holding brokerage offers, this may be a check drop-off, wire, or online payment. You can learn more about earnest money here.
Inspection
Within 5 days after contract is executed
You will hire a home inspector to inspect the property (with you and your agent in tow!) and look for functionality and safety issues. This is a very important step!
You have 5 business days to conduct this. We recommend doing it ASAP (toward the beginning of the 5-day period) in case you want to do any follow-up appointments with specialists. You may also conduct additional add-on inspections, such as radon, air quality, or sewer scope – more on that here.
The seller is not contractually obligated to give you any credits or fix anything post-inspection, but you have the right to ask.
We do a deeper dive into the inspection process here.
Attorney Review
Within 5 days after contract is executed
Your attorney will submit an initial attorney modification letter. The letter will include any changes to the contract and any requests that came out of the inspection. This is just the deadline to send the initial letter; attorney negotiations can continue as long as needed. Learn more about the attorney review process here.
Balance of Earnest Money
2 days after attorney review ends
After both attorneys have signed off on the attorney modification letter, you will pay your second earnest money deposit, typically within 2 days.
Appraisal
Prior to closing
If you are financing your purchase, your lender will typically require an appraisal for your loan. The appraiser will assess the value of the home. If the home’s value comes in lower than the purchase price, you will need to work with your lender to move forward with the loan, as they can only lend you the amount the house is worth. There are creative options if the appraised value comes in lower — more on that here.
Condo Doc Review
Prior to closing
If you’re purchasing a property that is part of an HOA, your attorney will obtain the condominium documents, like the meeting minutes and declarations, for you to read. You will be looking for anything that may restrict your property usage (like rental restrictions) and any red flags about the condo association (like an upcoming special assessment). More on condo docs here.
Clear-to-close
Prior to closing
Clear-to-close is the official go-ahead from your lender that they have finalized your mortgage. Once we have CTC from your lender, your attorney will schedule the closing!
Final Walkthrough
Within 24 hours of closing
The final walkthrough is your last chance to see the property before you close. You’ll ensure the property is still in the same condition and check that the seller made any fixes negotiated during attorney review. Sarah will provide you with a personalized checklist based on your contract to ensure nothing is missed! We’ll also take a picture of you in your new digs.
Closing!
Closing day!
At closing, you’ll sign allllll the documents you need to (guided by your attorney via phone), and at the end, the keys are yours! You did it! You’re a homeowner!
Next Up » Paying Earnest Money
