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BUYERS

Under Contract Facilitation

1.) Sign Updated Purchase & Sales Agreement (P&S): We will update the P&S to reflect the agreed upon contract price and will send for signature via Dotloop.

2.) Deposit Check: Once the P&S is signed, you will need to drop off your deposit check as stated in the contract made out to the listing agency. This check will be deposited into an escrow account & applied to your down payment at the time of the closing.

3.) Contact Your Lender: Make sure your lender has a copy of the contract.  We’ll happily send it to him/her for you. Please make sure to get your lender everything they ask for in a timely manner so we can stay on track with the dates in the contract.

4.) Schedule Your Inspection: You have a standard 10 business days to conduct and resolve your inspection so the sooner you can get this scheduled the better. Remember to determine if you need/want a septic, well, lead paint and/or radon test.

Doug Roach
Paul Mirada
Hearth Stone
Home Pro

Mike Sweeney | House Doctor
Ryan Colby | Koala Home Inspections
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5.) Contact Your Attorney: Your lender may have an attorney they will recommend that is familiar with their loan documents but in RI you have the right to choose the title/closing attorney. 

Craig Sampson
Adam Thayer
Steve Patti


6.) Pick Your Insurance Agent: You will need an insurance binder in place before the closing, so don’t wait until the last minute to shop for a policy. And you may be able to save money if you bundle with your auto policy.

Laura Wheeler
Robert Leary


7.) Appraisal: Your bank will schedule the appraisal and you do not need to attend.

8.) Mortgage Commitment: This is the date by which your lender commits to giving you the loan. Be prepared to turn over a lot of paperwork during the time leading up to this: bank statements, check stubs, tax returns, etc. and be careful about making any large or unusual deposits or charges during this time. This includes applying for any other type of credit, even to buy furniture or appliances. Your credit will be run again just before the closing, so don’t make any changes that will affect it.
 
9.) We will remind you of deadlines to keep the deal on track, please be prepared to make any requests for paperwork for requests or extensions in a timely manner to give ample notice to the Seller within each deadline.

10.) Clear to Close: Everyone is working toward three golden words: clear to close. Once we hear those words, we know the closing can be scheduled.

11.) Rental Regulations or Other Due Diligence: If this is going to be a rental/investment property, be sure to check with the state and also the town in which you’re buying to make sure you complete any paperwork and necessary registrations.  It is a wise idea to visit the town or city website for the property you're purchasing in to get up to speed about any ordinances, rules, or other due diligence items.

12.) Closing Day: Put utilities into your name beginning on that day.

13.) Final Walk Thru: You are here to make sure the property is in broom swept and clean condition, any repairs have been made (if you haven’t inspected those already) and that there is no damage since you last were in the home.

14.) Closing and Deed Recording: Make sure to consult with the closing attorney in the days leading up to this to determine what you need to bring to the closing:  documents, driver's license, and/or a bank check. After the closing, the attorney will record the deed with town hall.

As a convenience, the Fitzpatrick Team has compiled a partial list of home inspectors and attorneys who are licensed in Rhode Island. The Fitzpatrick Team does not recommend or endorse any of these vendors.

For a full list of licensed inspectors, contact the Rhode Island Contractors’ Registration and Licensing Board. For a full list of attorneys, contact the RI Bar Association.

Let's find a home that fits your budget.

Don't let rates scare you. ​

The Fitzpatrick Team has trusted mortgage partners to provide you with an accurate mortgage you can afford, but also the education on the homebuying process. Not only will we help you understand your money, but we will help you find a home that’s perfect for your budget. 

 

Reach out today for a custom quote.

Image by Romain Dancre
Let's make it happen for you!

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