These are general/standard timeframes, actual terms shall be negotiated between the parties in each individual transaction.
Offer has been accepted and purchase agreement has been signed!
Earnest money is deposited. This is a percentage of the purchase price held by Escrow.
Disclosures and Inspections
During this period all disclosures should be completed and submitted. This is also when inspections are completed. Requests for repairs should be submitted based on inspection findings.
By day 17 any contingencies must be removed. You also have up until this point to cancel the deal if you decide not to move forward. When contingencies are removed you are also removing any rights to back out without losing your Earnest money.
At this point your funding should be ready. Any and all contingencies should be removed, and we should be wrapping up the loan package or submitting any final loan conditions to your underwriter.
Time to Close
Loan funds should be received by escrow and dispersed to the appropriate parties. Usually that same day the deed should be recorded, which means title has officially been transferred over.
You just bought a house!