Purchase and Sale

20 Mason Street

Hire and Attorney
We will provide you with the recommended attorney on our team. Attorney will review the Purchase and Sale document and represent you at the closing.

 

Sign Purchase and Sale
10 days after offer is accepted you will sign the final approved Purchase and Sale Document, deliver your 5% P&S Deposit, and submit your full loan application and a copy of the signed P&S. An appraisal is ordered by the lender once the fully executed P&S is signed.

Within 3 days, the lender will send the Buyer a Loan Estimate Document a which includes a breakdown of estimated closing costs. The final costs are likely to deviate from this estimate.

Work with your lender to provide any additional documentation required by the lender’s underwriter. 

 

Loan Commitment
The lender will review your loan application and issue a loan commitment letter, stating its willingness to fund the mortgage provided certain conditions are met.

The normal timeframe is about 4weeks post application submit. 

The financing contingency, or loan contingency is removed by the buyer by the loan contingency date as defined in the contract.

Buyers can ask the seller for an extension to their loan contingency date if they have not yet received their loan commitment letter.  A buyer must submit their request for extension in writing, and the seller has a set number of days (usually indicated in the contract) to respond negatively if they do not wish to grant the extension.

 

Homeowner’s Insurance
Homeowners' insurance is purchased (or substantiated, if the property being purchased includes homeowners' insurance as part of association fees or similar arrangements), and proof of homeowners' insurance is submitted to the lender.

 


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