The Journey from Contract to Closing: What Happens After Signing?
Published by
Dylan Kohler
Published on
7/15/2024
Congratulations! You've just signed a contract for the sale of your home. As you get ready to close out this chapter of your life, you may wonder what happens next. The period between signing the contract and closing can be filled with anticipation and, at times, uncertainty. Let's take a closer look at the journey from contract to closing and what you can expect along the way.
1. Home Inspection
Once the contract is signed, the buyer may schedule a home inspection. If so, a professional inspector will thoroughly examine the property to identify any potential issues or areas in need of repair. This is a critical step from the seller’s perspective, since buyers with a home inspection contingency have the option to void the contract if necessary. So managing this step is critical.
2. Appraisal
Simultaneously, the buyer’s lender will order an appraisal to determine the fair market value of the property. The appraisal is essential for securing financing, as lenders want to ensure that the property is worth the amount of the loan. If the appraisal comes in lower than the agreed-upon purchase price, you may need to renegotiate with the buyer or accept the appraised value.
3. Final Walk-Through
Shortly before closing, the buyer will have the opportunity to conduct a final walk-through of the property. This is their last chance to ensure that the property is in the same condition as when they agreed to purchase it and that any agreed-upon repairs have been completed satisfactorily.
4. Closing
Finally, the big day arrives – closing day! At the closing table, you'll sign all of the necessary paperwork to transfer ownership of the property to the buyer. Once the buyer also signs the necessary paperwork and the new deed is recorded, you will receive the money from the sale.
The journey from contract to closing is an exciting and sometimes nerve-wracking process, but with Snapdoor by your side, it can also be incredibly rewarding. During this part of the process, Snapdoor buyers and sellers know exactly where they stand, thanks to Snapdoor’s unique online tracking. Where necessary Snapdoor will negotiate on your behalf. So sit back, relax, and get ready to embark on the next chapter of your life!
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