Your home inspection will typically happen within 7 days of your accepted offer. Despite what is commonly thought about inspections, inspections are not a simple “pass” or “fail.” A licensed home inspector will take around 2 to 3 hours to thoroughly inspect the home from basement to attic.

Your inspector will review items like:

• Lots and grounds

• Exterior surfaces and components

• Structure

• Plumbing

• Electrical (except in RI)

Once the inspection is completed, you will receive a detailed report from your inspector with their findings. In most cases, each item will receive a rating that ranges from acceptable to in need of repair or fully depreciated.

If there are any areas of concern that you have after reviewing your inspection report, you should connect with your agent so that they can address your concerns with the listing agent and seller, and negotiate repairs on your behalf prior to P&S.

A Purchase and Sale Agreement (P&S), is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property. It does not transfer the property or goods that the parties are negotiating, but creates an obligation for the seller to sell, and for the buyer to buy.

Usually the seller’s attorney will send a drafted P&S to your attorney. Your attorney will then review and redline any areas that need to be adjusted.

The P&S may also include additional riders or addendums for both you and the seller to review and sign.

On the day P&S is due, the remainder of your Earnest Money Deposit (EMD) will be due as well. Once both parties have signed P&S, and you’ve either electronically submitted payment or mailed a check for your 2nd deposit, the P&S agreement will become fully executed.

After P&S, your lender will order an appraisal. An appraisal is an assessment of a property’s value, using factors such as location, square footage, condition, and recent sales.

A Title Search will also be done, which examines public records to confirm its rightful, legal owner. It should also reveal any claims or liens against the property that may affect purchasing it. Your attorney should be able to recommend you a title company.

Being “CTC” or Clear to Close, means that the underwriting process has been completed and you’ve now been qualified for the loan. Your loan officer or somebody on their team will reach out to you for any additional documentation that may need your signature.

Prior to reaching the closing table, you’ll have your final walkthrough. The final walkthrough will be your final opportunity to see your home before it’s officially yours! This typically happens 1-2 days before closing.

During the final walkthrough, you’ll ensure everything is in order, and any items that were discussed during p&s have been completed as agreed upon. The final walkthrough usually happens a day or two before your closing date.

Woohoo! You made it to the closing table! This process takes about an hour, and this is where you’ll be reviewing and signing all of your docs with your attorney. After this, your attorney will file everything with the appropriate municipality after ensuring that they are fully funded. One you’re officially on record, you’ll get your keys and start moving on in! Congratulations!