Under Contract. Now What?

Congratulations, you are on your way to owning your home! At Crew, we want to make this next part of the process go as smoothly as possible. Here's what you can expect.

In your Offer to Purchase and Contract that was accepted by the seller, you most likely offered a Due Diligence fee, an Earnest Money Deposit, or both. Both amounts are due at signing, and both amounts apply to the purchase price of your home. During this contract period of purchasing your home, in North Carolina you will work with a closing attorney, who will also act as your escrow agent. The closing attorney will hold your Earnest Money Deposit in escrow while they research title and prepare for the closing. Make sure that there are sufficient funds in your account to cover this check.

Due Diligence Fee and Due Diligence Period

In addition to the Earnest Money Deposit, you will likely have offered the seller a Due Diligence fee in order to lock in a Due Diligence Period. The Due Diligence fee is a non-refundable payment made directly to the seller. It gives you the opportunity to perform any due diligence in an amount of time that you specify, and it allows you back out of the contract at any time and for any reason before the end of the Due Diligence Period.

The Due Diligence Period is the period of time during which you perform your due diligence on the home. This can iclude any necessary inspections of the home as well as securing any financing. This period can be from three to four weeks, or even longer depending on what due diligence needs to be performed. We'll advise you on how long it should be based on your transaction. 

Crew's 50-Point Checklist

Our 50-point checklist is designed to get you from contract to closing as smoothly and efficiently as possible. It includes things like ordering the home inspection and other inspections, getting the deposit monies into the right hands, getting the appropriate documents to the lender and closing attorney, lender follow-ups, scheduling the appraisal, confirmation of all disclosures, ordering any surveys, confirming loans documents make it to underwriting, scheduling access to the home as needed during the contrat period, and so on. There are a lot of moving parts that we keep a close eye on for you. 

Part of 50-point checklist includes helping you with the items you're responsible for, including securing homeowners insurance and contacting local utility companies to set up service.

As the closing date approaches

We'll confirm for you the time, date, and location of the closing, and we'll also verify which forms of identification and other materials you need to bring. And you'll want to start the process of changing your address with the post office, and notify banks, employers, and other important contacts of your new address.

A few days prior to closing you'll receive certain closing documents to review. These typically include the closing disclosure, which is prepared by the closing attorney. As your agent, we'll receive a copy of this as well. Thoroughly reviewing it ahead of time can help us address any discrepancies early. 

The day before or morning of the closing, we'll do a final walkthrough of the property together. This is your last chance to check that all agreed-upon repairs have been made, that the home is in the condition you expect, and that nothing has changed significantly since your last visit. By this point, everything should be as you expect it. But in those rare instances, any discrepancies will be handled at closing.

You've made it! Once the sale has closed, you're the proud owner of a new home. Congratulations!