Timeline of a Residential Transaction (Contract Time Line and Critical Dates List)
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These are critical dates only and do not reflect all dates and or tasks.
3 Days prior to COE
COE
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This represents an overview only and should not be used for any specific transaction timeline but as a guide. Seek assistance from your Broker when calculating time periods.
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Day Zero Day 2Day 3Day 4Day 5Day 6Day 7Day 8Day 9Day 10Day 11- 15Day 16Day 17Day 18Day 19Day 20Days 21 -25Day 26Day 27Day 28Day 29Day 30
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Contract is Mutually accepted and delivered in writing Inspection Period Ends - BINSR (Buyer's Inspection Notice Seller's Response) delivered to Seller
Buyer reponse to Seller's Response to BINSR
Buyer Conducts Final Walkthrough & Seller has completed all required repairsIf agreed repairs are not complete or property is not is substantially same condition then Buyer issues a Cure Period Notice
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Buyer Delivers Earnest Money to Title ASAP or next business day (if Day Zero is a Holiday or Weekend)Seller issues Cure Period Notice if Buyer does not Deliver Earnest Money to Escrow
Buyer has 3 days to cure potential breach
Seller may cancel if Buyer does not deliver Earnest Money to Escrow
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Buyer's Agent Delivers Contract documents to Title & Escrow and Lender
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SPDS and Insurance Loss History Due to BuyerBuyer delivers Cure Period Notice to Seller if not deliveredSeller has 3 days to Cure the potential BreachBuyer may cancel contract up until the time Seller delivers SPDS or Insurance Loss Report
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Loan Status Update (LSU) Due to Seller from Buyer
Request LSU from Lender - once a week until COE
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Seller to deliver LBP information if applicableBuyer delivers Cure Period Notice to Seller if not deliveredSeller has 3 days to Cure the potential Breach
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Buyer has signed Loan Docs at Title / Or deliver to seller dates of Closing Disclosure from LenderSeller issues Cure Period notice if loan docs not at titleBuyer has 3 days to cure potential breachSeller may request Earnest Money if transaction does not close
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Buyer to Notify Seller is Buyer is unable to qualify for loan,Seller issues Cure Period notice if loan docs not at titleBuyer has 3 days to cure potential breachSeller may request Earnest Money if transaction does not close
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Buyer has any downpayment funds delivered to Escrow in sufficent time for COESeller issues Cure Period notice if funds not at titleBuyer has 3 days to cure potential breachSeller may request Earnest Money if transaction does not close
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Keys Delivered to Buyer after Notice of Recordation is received from Title
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Escrow delivers Funds to Seller after notice of recordation
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Seller has vacated premises Prior to recordation
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BELOW IS NOT DATE SPECIFIC PER THE CONTRACT
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Buyer diligently works toward loan approval
Seller issues Cure Period Notice if at any time Buyer fails to diligently work toward loan approval
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Seller maintains the property in substantially the same condition.
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Title Orders HOA disclosure DocsBuyer has 5 days to cancel based on any new informtion after delivery
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Title Orders Preliminary Title ReportBuyer has 5 days to cancel based on any new informtion after delivery
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Seller orders Septic Inspection if on Septic - Septic certification is required by the State of Arizona. Inspection may not be any older than 6mos at COE
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Lender Orders AppraisalBuyer has 5 days to cancel if property fails to appraise for purchase
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