In part one of "From Contract to Closing Your Alexandria VA Home," we talked about Paperwork once you are officially under contract. And, in part two, we touched on Deadlines.
Now we are going to talk about your Timeline.
Deadlines are spelled out in your contract and are based on the date of contract ratification, which is on page 7 of the Regional Sales Contract.
As your Buyers Agent, I will provide you with a Timeline of all activities once you are under contract. I will be coordinating all of the items on that timeline, while at the same time keeping you firmly in the loop as to what is happening and when.
Let's say you have the following contingencies (this is not an all inclusive list, this is for example only):
- Home Inspection Contingency - 10 days
- Radon Test Contingency - 10 days
- Termite inspection - Within 30 days of closing
- Appraisal Contingency - 21 days
- Financing Contingency - 30 days
All of these contingencies run concurrently, unless otherwise provided for in the contract. Your lender will be handling the financing end of things (more about that in a subsequent post) while your agent is coordinating your inspections with you.
(We'll go over inspections in greater detail in the next post).
The clock for deadlines starts ticking the moment you are officially under contract, or "ratified." This means not only have all the parties had a "meeting of the minds" and came to an agreement on all terms of the contract, but the paperwork has been completely executed, with all necessary signatures and initials intact, and delivered.
Let's say your contract is ratified on January 10 and you have a 10 day home inspection contingency; well, the end of the first day is 9 pm on January 11. (The only exception would be if you specify business days in your contingency, in which case, you would not count Saturday and Sunday). Your contingency expires at 9 pm on January 20.
It is especially important during this period that you stay in touch with your agent and make sure the lines of communication are open, as we discussed in the post on "Deadlines."
As your Alexandria VA Buyers Agent, I will give you a timeline of all the important dates in your contract and explain what needs to happen within those time frames. One of my most important jobs is to stay on top of the timeline and make sure we get to closing on time, with your sanity and checkbook intact.
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