FROM CONTRACT TO KEYS

If the purchase is financed, the lender will continue verifying income, assets, credit and property information after the contract is signed. Buyers should avoid major new debt, large unexplained deposits and changes in employment without discussing them with the lender first.

The contract will identify the amount of the deposit, where it is held and the deadline for delivery. Wire instructions should always be verified through a trusted, known contact before funds are sent. Never rely on last-minute emailed wire changes without independent confirmation.

The inspection period allows the buyer to evaluate the property according to the rights provided in the contract. Any repair request, cancellation right or negotiation must be handled within the applicable deadlines.

When a lender requires an appraisal, an independent appraiser evaluates the property for the lender. If the appraised value creates an issue, the available options depend on the contract terms and the buyer’s financing.

The title process verifies the seller’s ownership and searches for liens, judgments or other matters that may affect transfer of the property. The title and closing team also coordinates required documents, payoff information and the final settlement figures.

Shortly before closing, the buyer typically has the opportunity to complete a final walkthrough to confirm that the property remains in the expected condition and that agreed-upon items are still in place.

At closing, the final documents are signed and the required funds are delivered through the approved closing process. Once the transaction is funded and the documents are properly completed, ownership transfers to the buyer.