This example of a real estate closing checklist is based on closing a home with a mortgage. A cash real estate closing would be less involved. The closing processes can vary considerably from state to state. All of the terms of the purchase agreement must be met prior to closing the deal. Below you will find some of the steps involved in Alabama to complete a closing:
1. Fully executed purchase agreement including all necessary addendums. (Fully executed: Legible
agreement and addendums signed and initialed by all parties involved)
2. Deposit of earnest money. (Earnest Money: money submitted with the purchase agreement by the
buyer and used toward the purchase of the home)
4. Request for repairs or release
5. Appraisal of the property by lender
6. Lender required repairs
7. Loan Approval
9. Pest Inspection/wood infestation report or waiver
10. Lead Based Paint Inspection or waiver
11. Septic Tank/Sewer Inspection or waiver
12. Survey or waiver
13. Completion of Repairs or resolution
14. Removal of any and all contingencies
16. Underwriter approval
17. Final walk-through inspection
18. Review of HUD I Statement
19. Closing: Sign and/or notarize all documents to complete the buying process as directed by the real
estate closing attorney in Alabama.
20. Deposit of all funds necessary to complete the deal!
This seems like a long real estate closing checklist, but with the guidance of your Realtor, it can go very smoothly!