Day 1: Initial Steps

• 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.

Day 10: Due Diligence and Negotiations

• Home Inspection Completed – The home inspection is conducted, and the inspector provides a detailed report on the property’s condition.
• Negotiations for Repairs – Based on the inspection report, the buyer and seller negotiate any necessary repairs or financial concessions.
• Loan Commitment Letter – The buyer secures a loan commitment letter from their lender, indicating the lender’s intent to fund the loan, subject to final approval.

Day 11: Appraisal Ordered

• Appraisal Ordered – The lender orders an appraisal to determine the fair market value of the property, which is essential for finalizing the loan amount.

Day 25: Appraisal Completed

• Appraisal Received – The appraisal is completed and the report is sent to the lender. The lender reviews the appraisal to ensure the property value supports the loan amount.

Day 30: Underwriting Conditions

• Underwriting Conditions Identified – The underwriter reviews the loan application and appraisal, identifying any additional conditions or documentation needed from the buyer.

Day 35: Meeting Underwriting Conditions

• Conditions Met – The buyer provides any additional information or documentation requested by the underwriter, ensuring all conditions are met for final loan approval.

Day 40: Preparing for Closing

• Preparation of Closing Documents – The lender and title company prepare the preliminary closing documents, which outline all the financial details and legal terms of the transaction.
• Document Signing – Once the closing documents are ready, the buyer and seller schedule a time to review and sign all necessary paperwork.

Day 45: Closing Day

• 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.