CLOSING

 

Once you have accepted an offer the closing stage begins.  The first step is to open an escrow account with a local title company which will act as a neutral third party and oversee the collection and distribution of documents and money as well as the signing and recording of important documents such as the deed and loan documents.  The closing stage is comprised of a series of performance contingencies which must be actively removed by the buyer as the task is accomplished.   These contingencies have a specific timeline which must be adhered to and make up the "core" of the purchase agreement. Usually, these contingencies include a financing contingency, an appraisal contingency, a physical inspection contingency and an approval of the title report contingency on the part of the buyer.  In addition, during this period, the seller is required to deliver certain documents to the buyer such as HOA documents and legally required property disclosure documents.