Clients frequently ask, "What's next?" after finding a home that they love. Although each transaction is very different, there is a general sequence that is consistent in most cases. So, in this issue I'll be sharing the timeline of a transaction.

*An offer is written (called the Purchase Agreement).*A promissory note for the earnest money is included with the offer (can be 1-5% of the purchase price). The buyer will redeem this note by a bank check after the offer is accepted, and it will be applied to the down payment at closing.*The seller will accept, reject or make a counter-offer.*Within a few days (or hours!), negotiations will be completed, and the buyer and seller have an accepted offer.*An inspection is usually scheduled to occur within 7 days from the time of the accepted offer (the listing is then contingent). *After the inspection, the results are accepted or rejected. Or, if there are safety hazards or major defects revealed after the inspection, the buyer and seller may choose to negotiate repairs. Then inspection results are accepted by both parties and the contingency status is changed to pending.*From the time of the accepted offer, the buyer will have 21 days to formally apply for a loan. Unlike the pre-approval, this is a binding loan agreement with the lender. Title work will begin during this same time period. *The time to close varies. The time of an accepted offer to the time that the buyer receives the keys typically varies between 30 and 60 days, but can be shorter or longer in some circumstances.*In Northeast Ohio, the buyer and seller sign all documents separately. A few days before title transfers, the escrow agent will meet with them individually to sign all documents and receive the balance of the buyer's down payment (the total specified in the offer, minus the earnest money).*The deed is filed and the title transferred, typically soon after the meeting with the escrow agent.*The new owner usually takes possession of the home on the same day as the title transfer, especially when a house is vacant. Infrequently it may be as many as 5 days later. If a longer period is agreed to, the seller pays "rent back" to the buyer as part of the contract. Those dates would be chosen at the time of the offer, based on what works best for the two parties involved.

Your realtor facilitates all aspects of the transaction, communicating with all parties, providing necessary documents, negotiating any problems, and keeping the transaction on time while keeping the buyer informed of each step, what is needed, and what will occur next.