Day 0–3 — Open escrow
Send the accepted contract and the buyer's earnest money to the title company or closing attorney. They open a file, order a title commitment, and contact your existing mortgage lender for a payoff statement.
Day 3–14 — Inspection and contingencies
Buyer schedules and pays for the inspection. They then either accept, request repairs/credits, or back out within the contingency period. Negotiate any repair credit in writing through the title company so it lands on the final settlement.
Appraisal happens here too if the buyer is financing — typically ordered by their lender between days 7–21.
Day 14–30 — Loan processing
If the buyer is financing, their lender works through underwriting. Expect document requests from the buyer's side; the title company is your interface. Do not be alarmed if the buyer asks for more time — financing contingencies often extend 5–10 days.
Day 25–45 — Closing prep and signing
Three days before closing, you receive the Closing Disclosure (CD) — a one-page statement of every dollar at the closing table. Review it line by line. Common issues: incorrect property tax proration, missing seller credit, wrong payoff balance.
On closing day, you sign the deed, the settlement statement, and any state-specific forms (typically 10–15 documents). Closing usually takes 30–60 minutes.
After closing — getting paid
Your net proceeds come via wire transfer or check. In most states the funds arrive the same day; in NY and a few others there is a 'wet vs. dry funding' distinction that can delay 1–3 business days.
Cancel homeowner's insurance the day after closing — not before. Notify your local utility company of the change of ownership.
The wire-fraud playbook (READ THIS)
Wire fraud is the most common scam in real estate. Scammers monitor email accounts, then send fake 'updated wire instructions' that look identical to the real ones. The money goes to them and is almost never recovered.
Protocol that prevents it:
- Treat any emailed wire instructions as untrusted. Verify them by phone using a number you got from the title company's website (not a phone number in the email).
- Never act on 'updated' or 'changed' wire instructions without a phone confirmation.
- Verify the wire receipt within an hour of sending. If something is wrong, your bank may be able to recall the wire within 24 hours.
- Take the same care for buyer wires of earnest money and down payment.