Contract to Close

During: Buying Process Overview: Contract to Close

Contract to Close is all about what happens once your contract has been accepted until the day of closing. It is the fifth step in the Buying Process Overview.

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The Contract to Close process is shown visually below.

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Complete the "Contract To Close" checklist:

https://LearnToBeRich.com/contract-to-close/

Mark this task as complete when done.

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Watch the recording of the live presentation of "Contract to Close" available on:

https://LearnToBeRich.com/contract-to-close/

Mark this task as complete once you've watched it.

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Complete "Contract To Close: General" checklist:

https://LearnToBeRich.com/general/

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Complete the "Contract To Close: Title" checklist:

https://LearnToBeRich.com/title/

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Complete the "Contract To Close: Owner’s Association" checklist:

https://LearnToBeRich.com/owners-association/

Mark this task as complete when done.

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Complete the "Contract To Close: Seller's Property Disclosure" checklist:

https://LearnToBeRich.com/sellers-property-disclosure/

Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

Mark this task as complete when done.

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Complete the "Contract To Close: Loan and Credit" checklist:

https://LearnToBeRich.com/loan-and-credit/

Mark this task as complete when done.

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Complete the "Contract To Close: Appraisal" checklist:

https://LearnToBeRich.com/appraisal/

Mark this task as complete when done.

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Complete the "Contract To Close: Survey" checklist:

https://LearnToBeRich.com/survey/

Mark this task as complete when done.

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Complete the "Contract To Close: Inspection and Due Diligence" checklist:

https://LearnToBeRich.com/inspection-and-due-diligence/

Mark this task as complete when done.

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Complete the "Contract To Close: Closing and Possession" checklist:

https://LearnToBeRich.com/closing-and-possession/

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The Contract to Close stage consists of the following steps with brief explanations of what is included in each step:

WARNING: Some of these steps are happening concurrently (at the same time). For example, often Title and Inspection and Due Diligence are happening at the same time. It would be a mistake to assume that you complete these sequentially.

General

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Complete "Contract To Close: General" checklist:

https://LearnToBeRich.com/general/

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Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13

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Complete "Acceptance Deadline Date" checklist. This goes along with the "Acceptance Deadline Time".

We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.

https://LearnToBeRich.com/acceptance-deadline-date/

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Complete "Acceptance Deadline Time" checklist. This goes along with the "Acceptance Deadline Date".

We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.

https://LearnToBeRich.com/acceptance-deadline-time/

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Complete "Alternative Earnest Money Deadline" checklist.

We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

https://LearnToBeRich.com/alternative-earnest-money-deadline/

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Title

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Complete the "Contract To Close: Title" checklist:

https://LearnToBeRich.com/title/

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Complete the "Record Title Deadline" checklist:

https://LearnToBeRich.com/record-title-deadline/

We typically use "MEC + 7 Days" for the Record Title Deadline to give the Title Insurance Company time to deliver the title work to you to review.

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Complete the "Record Title Objection Deadline" checklist:

https://LearnToBeRich.com/record-title-objection-deadline/

We typically use about "MEC + 14 Days" to give you time to review your title work, get the advice of your Title Attorney if needed and have time to object.

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Complete the "Off-Record Title Deadline" checklist:

https://LearnToBeRich.com/off-record-title-deadline/

We often use "MEC + 9 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

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Complete the "Off-Record Title Objection Deadline" checklist:

https://LearnToBeRich.com/off-record-title-objection-deadline/

We often use "MEC + 16 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

Mark this task as complete when done.

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Complete the "Title Resolution Deadline" checklist:

https://LearnToBeRich.com/title-resolution-deadline/

We often use "MEC + 20 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

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Owner’s Association

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Complete the "Contract To Close: Owner’s Association" checklist:

https://LearnToBeRich.com/owners-association/

Mark this task as complete when done.

Contract To CloseContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

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Complete the "Association Documents Deadline" checklist:

https://LearnToBeRich.com/association-documents-deadline/

We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

Mark this task as complete when done.

Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

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Complete the "Association Documents Objection Deadline" checklist:

https://LearnToBeRich.com/association-documents-objection-deadline/

We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

Mark this task as complete when done.

Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Seller’s Property Disclosure

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Complete the "Contract To Close: Seller's Property Disclosure" checklist:

https://LearnToBeRich.com/sellers-property-disclosure/

Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

Mark this task as complete when done.

Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

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Watch the recording of the live presentation of "Seller's Property Disclosure Case Studies" available on:

https://LearnToBeRich.com/spd-case-studies/

Mark this task as complete once you've watched it.

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Loan and Credit

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Complete the "Contract To Close: Loan and Credit" checklist:

https://LearnToBeRich.com/loan-and-credit/

Mark this task as complete when done.

Contract To CloseContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

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Complete the "Loan Application Deadline" checklist:

https://LearnToBeRich.com/loan-application-deadline/

You'll usually apply for the loan prior to going out and looking at homes with your Real Estate Broker. However, your Lender will require an address to have a completed loan application. For the "Contract to Buy and Sell Real Estate" we typically use "MEC + 2 Business Days" to get your Lender a full, complete with address of the property, application.

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If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

Mark this task as complete when done.

Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

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If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

Mark this task as complete when done.

Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

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If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

Mark this task as complete when done.

Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

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If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

Mark this task as complete when done.

Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

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If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

Mark this task as complete when done.

Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

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If you're buying a property and you are getting Owner Financing or Private Financing please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

Mark this task as complete when done.

Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Appraisal

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Complete the "Contract To Close: Appraisal" checklist:

https://LearnToBeRich.com/appraisal/

Mark this task as complete when done.

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Survey

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Complete the "Contract To Close: Survey" checklist:

https://LearnToBeRich.com/survey/

Mark this task as complete when done.

Contract To CloseContract To Close: SurveyUltimate Nomad ChecklistWeek 13

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Inspection and Due Diligence

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Complete the "Contract To Close: Inspection and Due Diligence" checklist:

https://LearnToBeRich.com/inspection-and-due-diligence/

Mark this task as complete when done.

Contract To CloseContract To Close: Inspection and Due DiligenceUltimate Nomad ChecklistWeek 13

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Watch the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

https://LearnToBeRich.com/negotiating-inspections/

Mark this task as complete once you've watched it.

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Closing and Possession

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Complete the "Contract To Close: Closing and Possession" checklist:

https://LearnToBeRich.com/closing-and-possession/

Mark this task as complete when done.

Contract To CloseContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13

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Once you’ve completed the contract, proceed to the next step in the Buying Process Overview: Closing.

Class Recording

The following is the video recording of the Contract To Close class that I taught with Jassen on March 28, 2017.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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