Home Buying & Selling Transaction Timelines | San Diego Realtor | The Real Estate Jedi™
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Home Buying & Selling Transaction Timelines | San Diego Realtor | The Real Estate Jedi™


Once you’ve got an accepted offer, there
is a timeline that follows up until the transaction closes, based on the terms agreed upon in
the purchase contract. Now keep in mind that the specific time tables will vary, depending
on what you agreed on in the contract, but let’s go over the typical time-frames for
a thirty-day escrow. ACCEPTANCE
Alright so both sides have come to an agreement on the terms, the purchase agreement is fully
signed and accepted by both sides. Unless it falls on a weekend, escrow will
typically be opened the following day. At this point in time, the point of contact for
escrow and title reps are typically provided to both sides. Escrow will provide wiring
instructions to the buyer for wiring their Earnest Money Deposit, and the seventeen day
period for buyer investigations begins. Day ONE
This is the first day of the buyer’s seventeen day due diligence time period. The clock is
ticking. During the seventeen days following the date that the offer was accepted, the
buyer will have this time to review all seller disclosures, Local Area and Natural Hazard
disclosures, Preliminary Title report, Home Owner Association documents and CC&R’s—
if applicable— as well as have all inspections and investigations done on the property that
the buyer chooses to, such as a Home Inspection, a Pool Inspection, etcetera. During this time period, the buyer and the
seller will be sent their escrow packages from the escrow company for completion. If
the buyer is getting a loan to purchase the property, the Appraisal will typically be
completed within this time period as well. Day THREE
By the end of day three, the buyer will have deposited the agreed-on Earnest Money Deposit
into escrow, where it will be held for the duration of transaction. Day SEVEN
By this time, the seller should have already completed and submitted all required seller
disclosures to buyer for their review. Day SEVENTEEN
Prior to the seventeenth day, the buyer will have the opportunity to submit any requests
for repairs or credits to the seller, based on any new concerns or issues the buyer may
have run across during the due diligence period. Now the seller is not obligated to agree to
all or any of the requests, although it is typically customary to take care some of the
reasonable requests. By the end of the seventeenth day, the buyer
must remove their investigation contingencies or cancel the deal if they no longer wish
to purchase the property. When the buyer removes these contingencies, they are removing their
right to back out with no repercussions, and they’re indicating they plan on moving forward
and closing. Day TWENTY-ONE
By the twenty-first day, the buyer will need to remove their financing contingency as well,
provided the buyer is obtaining a loan for the purchase. Typically at this point, all
contingencies have been removed by the buyer, and the buyer is working with their lender
to wrap up the loan package and submit any final loan conditions to the underwriter. The Week leading up to Closing
Several days before closing, the buyer should be signing loan documents with a notary, which
will be sent to escrow and the lender for final review and approval. Once all of the
lender’s funding conditions have been met, the file is placed in line for funding. 24-72 Hours prior to Closing
Once the loan has funded— meaning the loan funds have been received by escrow— the
funds are dispersed accordingly. Typically later the same day, or the following day,
the deed will be taken down to the county Recorder’s Office for recording. Upon confirmation
of recording, the title has officially been transferred to the buyer and escrow is closed! Although this timeframe may vary for different
scenarios and transactions, this is the typical time-line for a purchase and sale transaction. For more information on the buying or selling
process, check out our website for tons of other resources for buyers and sellers. I’ll see you the the next video!

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