Important Events

Your Date

Day 0

The contract is accepted by both parties/acceptance is confirmed.

 

Day 1

The first day AFTER acceptance. All contingencies based on “days after acceptance” or similar wording, start on this date.

 

Day 3

The last working day to deliver your deposit to escrow, which will be held in a non-interest bearing account.

 

Day 7

The last day for the sellers to deliver their disclosures to you.

 

Day 17

Typically, the last day for you to remove many of your contingencies in writing. This includes Discovery (Inspections), Disclosures & Reports, HOA CC&R’s (if applicable) and Appraisal. This time frame may have been negotiated to a different number of days in the contract.

 

Day 17

This is the last day for you to remove your Loan contingency in writing.

 

COE minus 5-10 Days

Review the Closing Disclosure and set up a time to sign your loan documents.

 

COE minus 5 Days

The first day you can perform your final walk-through of the property to ensure it is in an acceptable condition. Don’t forget to schedule your utilities to turn on at closing.

 

COE minus 1 Working Day

Loan funding day. Your lender provides funds to escrow so that your purchase can occur. If funds don’t arrive, escrow closing will be delayed (possibly with a penalty to you).

 

COE (Close of Escrow)

Your deed is recorded at the County Recorder’s Office. You now own your home. The time and date when you can physically occupy your home is specified in the contract.

 

Escrow time periods are typically 30-45 days, beginning on day 1. All numbers of days above are calendar days, except for the three days allowed for the buyers’ deposit to be brought into escrow. That timeframe is calculated in business days.

The following links will provide valuable information on the home buying process:

    • PRE-APPROVAL VS. PRE-QUALIFICATION – Pre-approval involves a comprehensive review of your financial background by a lender, while pre-qualification is a preliminary assessment based on basic information provided by you.
    • CLOSING COSTS – Closing costs are the fees and expenses associated with finalizing a real estate transaction, typically including loan origination fees, appraisal fees, and title insurance.
    • PROPERTY TAXES – Property taxes are assessed by local governments based on the value of a property and are used to fund public services such as schools, roads, and emergency services.
    • BUYER DO’S AND DON’TS – Advice for buyers on getting pre-approved for a mortgage, researching neighborhoods thoroughly, and more, while covering things to avoid, such as making major purchases before closing and skipping the home inspection.
    • CONSIDER YOUR BUYING OPTIONS – When considering your buying options, Dore and Geoff Baker encourage you to explore different neighborhoods and property types to find the best fit for your needs, ensuring you make a well-informed decision.
    • MAKING AN OFFER – When it comes to making an offer on a home, Dore and Geoff Baker advise careful consideration and strategic planning to ensure you present a compelling offer that aligns with your budget and goals.
    • KEY CONCEPTS – Understanding the key concepts in making an offer on a home, including earnest money, escrow, contingencies, and title insurance, is crucial for a smooth and successful real estate transaction.
    • DISCLOSURE & DISCOVERY – Disclosure and Discovery rules ensure that buyers are fully informed about the property’s condition and any potential issues before completing the purchase.
    • HOME INSPECTION – Home inspection is a crucial step in making an offer on a home, providing buyers with a detailed assessment of the property’s condition to make an informed decision.
    • CLOSING ON YOUR NEW HOME – The final step in the home buying process, where ownership is transferred from the seller to the buyer, and all remaining paperwork and payments are completed.