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 the deal 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
Please note – almost everything is negotiable, so your dates & deadlines may look slightly different!
Initial Earnest Money Deposit
Within 2 days after contract is executed
The buyer will pay their initial earnest money deposit, typically $1,000. You can learn more about earnest money here.
Inspection
Within 5 days after contract is executed
The buyer will hire a home inspector to inspect the property for functionality and safety issues. The buyer may also conduct additional add-on inspections, such as radon, air quality, or sewer scope.
It is standard for the seller to leave during this time, but your agent will let you know when you can return home.
The buyer will use this inspection to inform their attorney modification letter.
Attorney Review
Within 5 days after contract is executed
The buyer’s attorney will submit an initial attorney modification letter to your attorney. 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, the buyer will pay their second earnest money deposit, typically within 2 days.
Appraisal
Prior to closing
If the buyer is financing their purchase, their lender will typically require an appraisal for the loan. The appraiser will assess the value of your home. If the home’s value comes in lower than the purchase price, the buyer will need to work with their lender to move forward with the loan, as they can only lend the amount the house is worth. There are options if the appraised value comes in lower — more on that here.
Condo Doc Review
Prior to closing
If your home is part of an HOA, the buyers will review the condominium documents, like the meeting minutes and declarations. They will be looking for anything that may restrict their property usage (like rental restrictions) and any red flags about the condo association (like an undisclosed upcoming special assessment). You can read more on condo docs here.
Clear-to-close
Prior to closing
Clear-to-close is the official go-ahead from the buyer’s lender that they have finalized the mortgage. Once we have the CTC, your attorney will schedule the closing!
Final Walkthrough
Within 24 hours of closing
The final walkthrough is the buyer’s last chance to see the property before closing. They will ensure the property is still in the same condition and check that you have made any fixes negotiated during attorney review. You can read more about preparing for the final walkthrough here.
Closing
Closing day!
Most sellers opt to pre-sign documents ahead of closing so that they don’t need to attend in person. At closing, the buyer will sign their half of the documents, and at the end (usually 1-2 hours), your home will become theirs! Congratulations!
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