This is the period of time between the fulfillment of conditions and the closing day. It feels much quieter and calmer than the time leading up it, but there are usually a number of things for you and your team of realtor, lawyer and lender to do. This period can be anywhere from a few days to a couple of months in length, to even longer depending on what closing date was negotiated.
Secure insurance for the property to begin on closing day.
Sign mortgage documents with your lender.
Sign title documents with your lawyer.
Visit the property one final time for a walkthrough, if negotiated.
Your realtor’s role:
Coordinate the buyer, lender and lawyer. Your realtor knows everyone’s deadlines, what information and documents they need, and makes sure that no one misses any details.
Anticipating potential issues and dealing with the unexpected. Your realtor can be your first point of contact for questions.
Coordinate the final walkthrough, if negotiated.
Your mortgage broker/ bank rep’s role:
Complete lending paperwork with you so that funds from your lender are used to pay for the home on closing day.
Monitor mortgage rates all the way up until closing day. Although you should already be guaranteed a rate by your lender at this point, your broker can often secure a better one for you if rates improve during the firm period.
Your lawyer’s role:
Coordinate with the Seller’s lawyer to complete a title search on the property to ensure that there are no legal obstacles to your closing.
Prepare all documents needed to register the mortgage to the title of the property, and to ensure that title transfers over to you on closing day.
Click here to read about the next step, Closing Day.
Click here to go back to The Conditional Period.