The home stretch of the buying process. You are content with the disclosures, reports, and inspections. Your loan has been given clearance to go to the final document phase. The seller is going to want this commitment in writing, and you guessed it: there is a form for that! This is the part of the process where you’re “all in” & your deposit money is applied towards your downpayment or your closing costs. If you decide to cancel after removing contingencies, you risk losing your deposit money. So be sure that everything is moving in the right direction before you remove your contingencies.
If everything looks good, then:
1. Sign and deliver to seller that you have removed all of your contingencies: loan, appraisal and inspections.
2. Review and sign your loan documents.
3. Final property verification. One last quick visual inspection to verify condition, and to check that any repairs that were negotiated were completed.
If there is any issue that prevents you from moving forward, the seller has the right to send a notice to perform here & cancel the transaction. Most times the only contingency that would delay the removal on the buyer side is their mortgage loan. Seventeen days is more than enough time to receive final loan approval, if it was properly screened at the beginning of the process.
We at 1850 Realty are happy to share information about the home buying process. Transactions can vary individually, and we are here to help you with your real estate needs. To discuss in more detail, don’t hesitate to contact us:
Next article in this series: Closing