Under Contract! What Happens Next: A Buyer's Timeline from Offer to Keys
Your offer was accepted. That's a big moment, and it's also the start of a busy stretch. Between an accepted offer and getting the keys, several people work on your purchase at once, and most of the work runs on deadlines written into your contract. Knowing what happens in each phase, and what's yours to do, can help you avoid missed dates and last-minute surprises.
This article covers only the under-contract stretch, from acceptance to keys. For the full journey from your first conversation onward, see the A4H walkthrough on how to buy a home step by step. Timelines vary by contract, lender, loan type and state, so treat the phases below as a typical order, not a fixed schedule.
Before Anything Else: Find Your Deadlines
Your purchase contract is the schedule. Read it with your agent and write down every date it sets. Common ones include:
- When the earnest money deposit is due
- When the inspection or due diligence period ends
- When you must apply for your loan or deliver proof of financing
- When the appraisal and financing contingencies end, if your contract has them
- When title objections must be raised
- The closing date and the possession date, which are not always the same day
Some deadlines are counted in calendar days and some in business days, and some contracts define exactly when a day ends. Missing a contingency deadline can mean losing a right you were counting on, such as the ability to cancel and get your earnest money back. The A4H explainer on real estate contingencies covers how those clauses work. If anything in the contract is unclear, ask your agent, and where appropriate, a real estate attorney.
Phase 1: The First Few Days After Acceptance
What you do
- Deliver your earnest money on time. The contract says how much, how and when. It's usually held by a neutral party, such as a title company, escrow company, attorney or brokerage, depending on your state and contract.
- Send the contract to your lender right away. If you haven't formally applied yet, do it now. Your loan officer will ask for updated documents such as pay stubs, bank statements and tax returns.
- Schedule the inspection. Good inspectors book up, and the inspection period can be short.
- Start shopping for homeowners insurance. Your lender will typically need proof of coverage before closing, and quotes can take time in some areas.
Who's doing what
- Your agent shares the signed contract with the lender and closing office, tracks deadlines and coordinates access to the home.
- Your lender opens the loan file. Once the lender receives your loan application, it generally must deliver or mail you a Loan Estimate within three business days.
- The closing agent, title company or attorney opens the file and starts title work. Who handles closing varies by state; in some states an attorney conducts the closing, and in others a title or escrow company does.
Phase 2: Inspection and Due Diligence
This phase is about learning everything you reasonably can about the property while you still have contract rights to act on what you find.
What you do
- Attend the inspection if you can. Ask the inspector to show you the main shutoffs, the electrical panel and anything they flag. Read the full report, not just the summary.
- Consider specialized inspections. Depending on the home and area, that might include a sewer line scope, wood-destroying insect inspection, radon test, roof evaluation or well and septic checks.
- Review documents. That includes the seller's disclosures, any homeowners association documents and budget, and a survey if you order one.
- Decide how to respond. With your agent, decide whether to ask for repairs, a credit, a price adjustment, or to accept the home as is. Your options depend on your contract's terms.
Who's doing what
- Your agent helps you prepare and negotiate any repair request and keeps the response within the deadline.
- The seller responds to repair requests and may provide receipts for completed work later.
- Your lender keeps working on your file in the background.
A general inspection doesn't cover everything, and inspectors typically note what they couldn't evaluate. Read the inspector's scope so you know what's included.
Phase 3: Appraisal and Underwriting
While you're focused on the house, your lender is focused on the loan. This phase often overlaps with inspection.
What you do
- Answer document requests quickly. Underwriters often ask for letters of explanation, updated statements or proof of where money came from. Slow responses are a common cause of delays.
- Keep your finances steady. Don't open new credit, change jobs, make big purchases or move large sums without asking your loan officer first. The companion article on what not to do while your mortgage is in underwriting covers this in detail.
- Ask about your rate lock. Know whether your rate is locked, when the lock expires and what happens if closing is delayed.
Who's doing what
- The appraiser, if your loan requires an appraisal, is ordered through the lender and gives an opinion of the home's value. If it comes in below the price, your options depend on your contract and loan, and your agent and loan officer can walk through them.
- The underwriter reviews your income, assets, credit and the property, and may issue a conditional approval with a list of items still needed. Approval is always subject to lender review until the loan is cleared to close.
Phase 4: Title, Insurance and Closing Prep
What you do
- Bind your homeowners insurance and send the policy details to your lender and closing office. If the home is in a flood zone, your lender may require flood coverage too.
- Review your Closing Disclosure. For most mortgages, you should receive it at least three business days before closing. Compare it with your Loan Estimate and ask your loan officer about anything that changed.
- Confirm how to pay your funds to close. Ask the closing office what form of payment they accept and get the exact amount.
- Set up utilities to start in your name on the possession date, and schedule movers if you're using them.
- Schedule the final walkthrough with your agent, usually close to closing.
A word about wire fraud. Criminals sometimes send fake emails that look like they're from a closing office, agent or lender, with "updated" wiring instructions. Before sending any money, call the closing office at a phone number you've verified independently, not one from the email. The A4H article on how buyers protect their closing funds covers the warning signs and what to do.
Who's doing what
- The title company or attorney searches public records for liens, ownership issues and other problems, works to clear them, and prepares title insurance.
- The closing agent collects payoff figures, prepares the settlement figures and coordinates the signing.
- Your lender works through final conditions and, once satisfied, issues the clear to close.
Phase 5: Final Walkthrough and Closing Day
The final walkthrough is your chance to confirm the home is in the condition the contract requires, agreed repairs were made and items that convey are still there. The A4H checklist for the final walkthrough before closing lists what to look at.
At closing, you'll typically:
- Bring a valid government-issued photo ID and anything else the closing office asked for
- Sign the loan documents, including the promissory note and the mortgage or deed of trust
- Review and sign the final settlement figures
- Confirm your funds to close have been received
In some states, everyone signs at the same table. In others, buyers and sellers sign separately, or some documents are signed in advance or electronically where allowed. The A4H overview of what happens at closing explains the signing in more detail.
When Do You Actually Get the Keys?
Signing isn't always the last step. Depending on your state and the closing process, the transaction may not be complete until the loan funds and the deed is recorded with the county. That can happen the same day or take longer.
Possession is set by your contract. Many buyers get keys at or shortly after closing, but a contract might give the seller extra days to move out, sometimes under a separate rent-back or occupancy agreement. Confirm with your agent exactly when and how you'll receive keys, remotes and codes, and plan your move around that date rather than the closing date alone.
Common Things That Slow a Closing
- Late responses to lender document requests
- Changes to your credit, income or bank accounts during underwriting
- Repair negotiations that run past a deadline
- A low appraisal that needs to be resolved
- Title issues, such as an old lien that needs to be released
- Insurance that's hard to place or slow to bind
- Errors or changes found on the Closing Disclosure
Not every delay is avoidable, but checking in regularly with your agent and loan officer, and responding quickly, can help keep small issues from becoming big ones.
Frequently Asked Questions
How long does it take to close after an offer is accepted?
It varies. Financed purchases often take several weeks, depending on the lender, loan type, appraisal timing and contract terms. Cash purchases can sometimes close faster. Your contract sets the target closing date.
Can I back out after my offer is accepted?
It depends on your contract. Contingencies, such as inspection, appraisal or financing contingencies, may let you cancel within certain deadlines. Backing out for reasons the contract doesn't allow could put your earnest money at risk. Ask your agent and, where appropriate, a real estate attorney.
Do I need to be at the inspection and appraisal?
You're usually not required at either. Attending the inspection is often worthwhile so you can ask questions. The appraisal is arranged through your lender, and buyers typically don't attend.
Why is my closing date different from my move-in date?
Your contract may set possession for a different day than closing, or the transaction may not be complete until funding and recording. Check the possession terms with your agent.
The Bottom Line
The under-contract stretch runs on deadlines. Write every date down, deliver your earnest money on time, schedule the inspection early, answer your lender quickly and keep your finances steady until closing. Verify wiring instructions by phone before sending money, and confirm exactly when you'll get the keys. A little organization can make the path from offer to keys much smoother.
This article is general information, not legal, tax or financial advice. Contract terms, closing practices, possession timing and loan requirements vary by state, contract and lender, and loan approval is subject to lender review. Talk with your real estate agent, loan officer and closing agent or attorney about your specific situation. Advice4Homeownership is a publisher, not a lender.
