Procedure to follow once contract has been accepted:
Contracts are faxed to both attorneys immediately and attorney review begins.
Attorneys generally void the contract and add their own addendums (changes). If the attorneys do not void the contract after (3) business days, the contract is binding.
Attorney review ends when the attorneys have agreed on the language of the contract, usually 3 business date.
Schedule a home inspection date. The inspection must be completed within 10 days. The written inspection report must be timely (3-5 days), and once the buyer has the report any problems the buyer wants addressed should be made in writing through the attorneys within 5 days.
Second deposit from the buyer is due 10 calendar days (unless otherwise specified). Personal checks are the norm and should be made out to Coldwell Banker to be held in escrow. Sometimes the attorney will hold the deposit monies.
Mortgages: Check your contract for a time frame on your mortgage commitment. This date reflects the time in which you are obligated to have entered into a commitment with a lender.
Appraisal is done before the mortgage commitment date. The seller and the buyer are not required to be present for this. The buyer's realtor will have access to the home.
Approximately one week prior to closing, the seller and the buyer should call their service providers and tell them to transfer the service into the buyer's name as of the closing date. If the closing date gets changed, be sure to notify the service providers.
The buyer should do a final walk-thru on the home right before the closing. This is the time to check for any problems or damage to the property. If a problem exists, it can be brought up at closing.
Closing generally takes place at the buyers' attorney's office.
- NUMBER1EXPERT™ 
