What actually happens between contract and closing
The period between going under contract and closing is where deals get complicated — or fall apart. Inspections, appraisals, title work, lender deadlines. I walk through what happens step by step so you're not caught off guard.
Transcript
Hey, what's up? This is Tim Clarke, your trusted real estate advisor in the Raleigh-Durham Triangle Market, and this is your free health food tip and trick from Tim. Savvy sellers understand the importance of timing and what it takes to purchase a home, but most buyers will have to obtain financing in order to purchase residential real estate. Now, mortgage regulations under the Dodd-Frank Act will require that buyers ultimately receive a closing disclosure, or CD is what we call it, from their mortgage lender no less than three days prior to settlement.
Achieving this for a variety of reasons would require a closing attorney selected by the buyer to have all financial information needed from several sources, including the seller, no less than typically 10 days in advance. All expenses related to the transaction, including those paid before closing, must appear on this closing disclosure and settlement statement. All parties to the transaction and their agents should work diligently to complete all pre-closing activities, ideally 14 days prior to settlement, to allow sufficient time for all that must be done and to report financial information to the closing attorney. But at any rate, careful planning and coordination of the time needed by the seller and by the buyer should be accomplished before going under contract.
This is Tim Clarke, and this is your free helpful tip. you
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