From Accepted Offer to Closing Day: A Week-by-Week Timeline

Week 1 — Offer, Contract, and Earnest Money

A written offer specifies price, closing date, contingencies (inspection, financing, appraisal, sometimes sale of buyer's existing home), and what happens to earnest money if the deal falls apart. In New Jersey most residential contracts include a standard 3-business-day attorney review period beginning from the date both parties sign, during which either attorney may cancel or propose modifications. In New York attorney review is typically negotiated as part of the contract itself. Engaging your attorney before signing — not after — is essential so you understand this period and do not let it expire without proper review. Counteroffers go back and forth until both parties agree. The purchase contract is then drafted — by the seller's attorney in NY, by the buyer's agent or attorney in other states. Earnest money (typically 1–3% of purchase price) is wired to escrow held by the title company or attorney trust account. It is never given directly to the seller. Earnest money held in escrow is protected — if it were paid directly to the seller and the deal fell through legitimately, recovering it could require a lengthy legal process to retrieve. If the buyer cancels for a reason permitted by the contract, the earnest money is returned. If the buyer cancels without cause, it may be forfeited.

Week 1–2 — The Inspection Period

The buyer orders the home inspection (typically $400–$600). The inspector spends 2–4 hours examining all major systems — roof, foundation, electrical, plumbing, HVAC, appliances. The buyer (and often their attorney or representative) attends. The report is delivered within 24–48 hours. The buyer then has three options: request repairs, request a price reduction, or accept the property as-is. The seller is not legally required to make repairs but unresolved major issues commonly kill deals. This is the negotiation that decides whether the transaction survives the contract.

Week 2–3 — Appraisal and Financing

If the buyer is using financing, the lender orders an appraisal (also $400–$600, paid by buyer). A low appraisal, where the property appraises below sale price, is common and important. When this happens, the buyer must either bring extra cash to closing, the seller must reduce price, or the deal falls apart. A fourth option worth attempting first: the buyer can request a reconsideration of value through their lender, asking the appraiser to consider additional comparable sales that may not have been included in the original analysis. This sometimes succeeds and is worth attempting before renegotiating price. The financing contingency protects the buyer if their loan is denied. Mortgage underwriting typically takes 2–4 weeks. 'Clear to close' is the lender's official confirmation that the loan is approved and funded.

Week 2–4 — Title Search and Title Insurance

The title company performs a title search to identify any liens (mechanic's, judgment, tax), recording errors, estate issues, or other defects on the property's chain of ownership. Common issues include unreleased mortgages from prior owners, contractor liens, or boundary discrepancies. Most issues can be resolved before closing. Title insurance — both lender's and owner's policies — protects against issues the title search might have missed. Buyers should always purchase the owner's policy even when not required. It is a one-time premium that protects forever.

The Week Before Closing — Final Preparations

The buyer conducts a final walkthrough (usually within 24–48 hours of closing) to confirm the property's condition has not changed and any agreed repairs were completed. The closing disclosure, an itemized breakdown of every cost on both sides, is delivered at least 3 business days before closing in any financed transaction (federal TRID rule). Wire instructions are confirmed. Critical: always verify wire instructions by calling a known phone number for the title company or attorney before sending any funds. Do not trust email-only instructions. This is not a hypothetical risk — the FBI reports hundreds of millions of dollars lost to real estate wire fraud annually. Treat wire instruction verification as a non-negotiable step every single time, without exception.

Closing Day — What Actually Happens

At closing, the buyer, seller, their attorneys (in NY/NJ), and a title company representative gather (or sign remotely where permitted). Documents signed include the deed, transfer documents, mortgage documents (for financed purchases), the closing disclosure, and various affidavits. Funds flow from the buyer (and lender) to the title company, which then disburses to the seller after deducting payoff of any existing mortgage, transfer taxes, and other closing costs. Keys are handed over. The whole process usually takes 1–2 hours. After closing, confirm with your attorney that the deed has been recorded with the county clerk. Recording typically happens within a few days of closing but it is worth confirming explicitly. Until the deed is recorded the transfer is not official in the public record. Then the property is yours.

What This Means in New York, New Jersey, and Florida