Purchase and Sale Agreement Accepted – The buyer and seller sign the Purchase and Sale Agreement (PSA), establishing the terms and conditions of the sale.
Preliminary Title Policy Ordered – The listing agent orders a preliminary title policy to begin the title search and ensure there are no legal issues with the property.
Home Inspection Scheduled – The buyer schedules a home inspection to thoroughly assess the property’s condition, often setting the inspection date within the first 10 days.
Final Closing – On the scheduled closing day. All and all required documents are signed, and any remaining funds are transferred.
Transfer of Property and Funds – The title company records the deed with the county, officially transferring ownership from the seller to the buyer. The seller receives the proceeds from the sale.
Closing – The buyer receives the keys to their new home and can move in, marking the completion of the transaction.
This timeline provides a detailed framework for a 45-day real estate transaction, with each step carefully planned to ensure a smooth and efficient process. This process can be accelerated or lengthen as circumstances dictate. While individual experiences may vary, this guide outlines the typical sequence of events from start to finish.
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