How Long Does It Take From Contract to Closing?
From the time you put your property on the market, to the time you accept a contract (in writing), that’s the time known as days on the market. From the time you accept a contract, known as ratification, until the time you close, a number of things will happen. Here’s the general timeline of events:
-Contract accepted in writing, all parties agree to all terms in writing. This is known as ratification. Part of that agreement will specify an agreed upon closing day.
-Home Inspection to take place X days from ratification (normal timelines are usually 7-10 days)
-Radon Test (if appl) to take place X days from ratification (normal timelines are usually 7-10 days)
-Appraisal to be completed within X days from ratification (Conventional financing is usually 21 days, FHA/VA can be until the time of closing, although they’re usually returned before then)
-HOA/Condo Resale Package Review to be completed within 3 days of RECEIPT (not necessarily ratification since these need to be ordered from the management company)
-Termite Inspection to be completed within 30 days of closing
-Any other contingency written into the contract will have hard dates from which they need to be completed
Once you’ve passed all of these contingencies, it’s a waiting game until closing.