Homebuyer’s Guide: From Contract to Closing
Your Step-by-Step Guide to Closing on Your New Home
The closing process typically takes 60 to 75 days in our area or 30 to 60 days if there is no mortgage contingency. Below is a timeline and checklist to help you navigate each step smoothly.
Immediately After Your Offer is Accepted (Days 1-7)
✔ Hire a real estate attorney – In New York, an attorney will handle your contract review and
closing process.
✔ Submit your earnest money deposit – Typically due within a few days after your offer is
accepted.
✔ Schedule a home inspection – Must be completed promptly to allow time for negotiations,
usually within 7 to 10 days.
✔ Start your mortgage application – Provide your lender with financial documents to begin
the loan process.
✔ Attorney approval of contract – Attorneys for buyer and seller review and approve the
contract (usually within 3 to 5 days).
✔ Negotiate repairs (if needed) – If the inspection reveals issues, you may request repairs or a
credit from the seller within the same 7 to 10-day timeframe.
⏳ Estimated Timeframe: 1 Week
Mortgage & Title Process Begins (Days 7-30)
✔ Order appraisal – Your lender arranges an appraisal to confirm the home’s value.
✔ Title search begins – The title company ensures no liens or ownership disputes. The Seller’s
Attorney orders the title.
✔ Begin underwriting process – The lender verifies your income, debts, and assets.
✔ Secure homeowners insurance – Your lender will require proof of insurance before closing.
⏳ Estimated Timeframe: 3 to 4 Weeks
Final Loan Approval & Preparing for Closing (Days 30-60)
✔ Receive the appraisal report – If the home appraises at or above the purchase price, you
move forward. If it comes in low, you may need to renegotiate or provide additional funds.
✔ Receive mortgage commitment letter – This confirms your lender has conditionally
approved your loan.
✔ Title update and clearance – Ensures there are no new liens or claims on the property.
✔ Underwriting final review – Your lender performs a final check of your finances. Avoid
making large purchases or opening new credit accounts during this period.
✔ Schedule your final walkthrough – Typically done 24-48 hours before closing to ensure the
home is in agreed-upon condition.
✔ Receive the closing disclosure – This outlines final loan terms, costs, and cash needed for
closing.
⏳ Estimated Timeframe: 3 to 4 Weeks
Closing Day (Day 60-75)
✔ Bring required documents and funds – You’ll need:
-
Government-issued photo ID
-
Cashier’s check or wire transfer confirmation for closing costs
-
Proof of homeowners insurance
✔ Review and sign closing documents – This includes the mortgage note, deed, and
settlement statement.
✔ Receive keys and official ownership – Once funds are transferred and the deed is
recorded, the home is officially yours!
⏳ Estimated Timeframe: Closing takes 1-2 hours
After Closing
✔ Transfer utilities into your name – Contact the electric, gas, water, sewer, trash, and internet
providers.
✔ Update your address – Notify USPS, banks, employer, and other important contacts.
✔ Change the locks – For security, consider rekeying or installing new locks.
✔ Set up a home maintenance plan – Regular upkeep helps protect your investment.
By following this checklist, you’ll stay on track for a smooth and stress-free closing. If you have
any questions, I’m here to help! Please keep in mind the estimated timeframe is precisely that,