Under Contract: Now What?

CONGRATS, you are now under contract! The next two weeks will feel like a bit of a whirlwind, but we are here to make this process as stress-free as possible.

First, you will need to select a closing agent. This may be a title company or an attorney. If you don't have one in mind, we are happy to make some recommendations!

Next, you will reconnect with your mortgage lender to make formal application for your loan. Your lender will be asking you for documentation periodically and it is imperative that you fulfill their request as timely as possible in order to not delay closing. 

Then, we will work together to remove contingencies. A contingency is a part of the contract that must be fulfilled in order to proceed to closing. 

 What Are Possible Contingencies?

  • Physical home inspection
  • Septic and well inspections
  • Removing a 1st Right of Refusal
  • Appraisal
  • Obtaining clear title
  • Obtaining final loan approval

Once you are through the home inspection period, you will obtain funds for closing. Your closing company company will usually require a cashier's check or for you to have funds wired. Also, you will likely need two forms of I.D. to take with you to settlement. 

In addition, about a week prior to settlement you will need to make arrangements for utilities to be transferred into your name. Don't worry, we will help you locate which companies to call. 

Don't fret, we will guide you each step of the way!

For a FREE eBook on the home buying process, just fill out the form below and you will receive your copy within 24 hours. 

Free Home Buying Guide by Richmond Realtor Shannon Milligan