You Offer got Accepted, Now What?

Congratulations! Your offer was accepted, and you’re officially on your way to becoming a homeowner. But what happens next? The journey isn’t over yet. Here’s a step-by-step guide to navigating the process after the attorney review period in New Jersey, with timelines and roles clearly outlined.

1. Attorney Review Period (Days 1-5)

Timeline: Usually 3 business days from the date of signing the initial contract.
What Happens:

Buyer’s Attorney: Reviews the contract and proposes any changes to protect the buyer’s interests.
Seller’s Attorney: Reviews the same contract for the seller’s protection and negotiates terms if necessary.
Buyer & Seller: Agree on the final version of the contract.
Agent: Ensures all parties remain informed and that the process stays on track.

2. Home Inspection (Days 4-10)

Timeline: Within 7-10 days after attorney review ends.
What Happens:

Buyer: Schedules and attends a home inspection. This step is crucial for identifying any potential issues with the property.
Inspector: Examines the property for structural, mechanical, and environmental concerns. Provides a detailed report.
Buyer’s Attorney: Reviews the inspection report if issues arise and helps negotiate repairs or credits.
Agent: Coordinates between the buyer, seller, and attorneys to negotiate any necessary repairs or price adjustments.

3. Mortgage Application and Appraisal (Days 5-30)

Timeline: Mortgage application should be submitted within 5 days of the signed contract; approval can take 30-45 days.
What Happens:

Buyer: Completes the formal mortgage application with their lender and submits required documents (income verification, credit history, etc.).
Lender: Reviews the buyer’s financials and orders an appraisal to confirm the property’s value.
Appraiser: Visits the property to assess its value, ensuring it aligns with the agreed purchase price.
Agent: Monitors the progress, ensuring timely completion of the appraisal and lender approvals.

* Reminder: Shop for Homeowners Insurance

Buyer: Start shopping for homeowners insurance early. This is a requirement at closing and having a policy in place ensures you’re protected from day one in your new home.

4. Title Search and Title Insurance (Days 15-35)

Timeline: Title search and insurance typically occur during weeks 3-5 of the process.
What Happens:

Title Company: Conducts a title search to verify the property’s ownership and identify any liens or encumbrances.
Buyer: Purchases title insurance to protect against future disputes related to the property’s title.
Buyer’s Attorney: Reviews the title report and ensures any issues are resolved before closing.

5. Property Survey (Days 15-35)

Timeline: Often conducted during the same period as the title search (weeks 3-5).
What Happens:

Buyer: Orders a property survey through a licensed surveyor (often recommended by the attorney or title company).
Surveyor: Verifies property boundaries and identifies any encroachments or easements.
Title Company: Reviews the survey to ensure there are no title concerns.
Lender: May require the survey as part of the mortgage approval process.

6. Final Walkthrough (Days 40-45)

Timeline: Typically 1-2 days before closing.
What Happens:

Buyer: Inspects the property to ensure it is in the agreed-upon condition and that negotiated repairs (if any) are complete.
Agent: Accompanies the buyer during the walkthrough and addresses any last-minute concerns.

7. Closing Day (Day 45 or Later)

Timeline: Usually 45 days or more after the contract is signed.
What Happens:

Buyer: Signs closing documents, pays closing costs, and receives the keys to the property.
Seller: Signs documents to transfer ownership and receives payment for the sale.
Title Company: Facilitates the transfer of ownership by recording the deed and distributing funds.
Agent: Ensures a smooth closing process and provides final support to the buyer and seller.

8. Congratulations, you’re a homeowner!

Summary Timeline and Key Roles

Step	Timeline	Buyer’s Role	Seller’s Role	Agent’s Role	Attorney’s Role	Lender/Title Role
Attorney Review	Days 1-3	Finalize terms	Agree to terms	Coordinate communications	Negotiate contract terms	N/A
Home Inspection	Days 4-10	Schedule and attend inspection	Address inspection requests	Negotiate repairs	Review inspection report	N/A
Mortgage & Appraisal	Days 5-30	Complete application	N/A	Monitor progress	N/A	Order appraisal, verify value
Title Search & Survey	Days 15-35	Order survey, review title	N/A	Coordinate with parties	Resolve title issues	Conduct search, issue insurance
Final Walkthrough	Days 40-45	Inspect property	Ensure repairs are complete	Attend walkthrough	N/A	N/A
Closing	Day 45+	Sign documents, pay costs	Transfer ownership	Ensure smooth process	Oversee legalities	Record deed, transfer funds

This roadmap ensures you’re informed and prepared as you navigate the exciting path to homeownership. Remember, your team of professionals—agent, attorney, lender, and title company—is there to guide you every step of the way!