General

During: Buying Process Overview: Contract to Close: General

Contract to Close

The following is a visual representation of the General process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.

contract-to-close-general

Contract to Close:
General

And, here is the visual representation of the General process.

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Let’s look at each step in more detail.

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Complete "Contract To Close: General" checklist:

https://learntoberich.com/general/

Mark this task as complete when done.

Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13


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/

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13


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/

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13


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/

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13

Acceptance Deadline Date

general-acceptance-deadline-date

The Acceptance Deadline Date is the date deadline for both Buyer and Seller to have signed and accepted the contract.


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/

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13


While we are waiting for the Acceptance Deadline Date, your Real Estate Broker will be staying in touch with the Seller's Real Estate Broker and waiting for a reply to your offer.

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13


While we are waiting for the Seller to accept your offer, you should prepare yourself for providing Earnest Money which will be due immediately after acceptance.

Also, you should be preparing for getting your loan and arranging for the Down Payment you'll need for Closing.

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13

Acceptance Deadline Time

general-acceptance-deadline-time

The Acceptance Deadline Time is the time deadline for both Buyer and Seller to have signed and accepted the contract.


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/

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13


This is the time portion of the "Acceptance Deadline Date". See that checklist for more information.

Mark this task as complete when done.

Contract Deadline: Acceptance Deadline TimeUltimate Nomad ChecklistWeek 13

Alternative Earnest Money Deadline

general-alternative-earnest-money-deadline

The Alternative Earnest Money Deadline is the deadline for having Earnest Money with the Earnest Money Holder.


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/

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13


Once your contract is accepted your Real Estate Broker should be preparing an "Earnest Money Receipt" and coordinating with you to get the Earnest Money to the Earnest Money Holder before the Alternative Earnest Money Deadline.

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Give your Real Estate Broker the Earnest Money with enough time for them to deliver it to the official Earnest Money Holder (as specified in the "Contract to Buy and Sell Real Estate").

This must be done prior to the Alternative Earnest Money Deadline specified in the "Contract to Buy and Sell Real Estate". The amount of Earnest Money is also specified in the contract.

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once your Real Estate Broker (or in some rare cases you) delivers your Earnest Money to the official Earnest Money Holder, an "Earnest Money Receipt" is usually issued. You should get a copy.

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once you have a copy of your "Earnest Money Receipt", save a copy of it to your property's folder in Dropbox with the filename formatted as:

"YYYY-MM-DD - 1234 Main St - Earnest Money Receipt.pdf"

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13


Once you receive your copy of the "Earnest Money Receipt" after your Earnest Money is delivered to the Earnest Money Holder, provide a copy of the "Earnest Money Receipt" to your Lender.

Mark this task as complete when done.

Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

See the Title group of Dates and Deadlines.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. 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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