The Home Stretch
The mortgage commitment is the final hurdle to buying your home. The mortgage commitment date is the only contingency from the original offer that is continued into the Purchase and Sale agreement.
This date marks a point of no return for the funds you have in escrow toward the purchase of the property. Therefore it is imperative that you obtain a full mortgage commitment by that date. Otherwise, you must either apply for an extension to extend the date, or withdraw from the transaction and work to get your deposit back.
The mortgage commitment date is your last chance to withdraw provided that financing as outlined in the offer is not obtained.
You will need to set up service to your new home including cable, phone, gas and/or electric, change of address, etc. Your agent is a good resource for contact information. Also, check out our Moving Tips to stay on target for a hassle-free move.
This is your last chance to check the condition of the property before the purchase. The final inspection is usually arranged through the agents. If the condition of the property is significantly different or if promises have not been kept, you should speak with your lawyer to plan your next course of action.
Closing the sale can take 30-60 days for (or longer) after the offer, a length of time necessary for a number of critical legal requirements to be met, including:
clearing the title
recording the deed
approving loan applications
allowing the lender to make a property appraisal
The bank’s attorney is responsible for conducting the closing and creating the necessary financial documents.
At the closing, the seller completes the transfer of the property to the buyer. All parties meet either at the Registry of Deeds for the county in which the property is located, at the bank’s attorney’s office, or at the real estate office. Attending the closing will be: the Buyers, the Sellers, the bank’s attorney, the Buyer’s attorney (if you choose to have them there), the Seller’s attorney (if the seller chooses to have them there), and the real estate agents.