Signatures may be faxes. The effective date of a contract when there is a corporate seller is the day they verbally agree on all terms. Full loan application must be made at the mortgage company within 5 days of the effective date of the contract if it has not already been done. A non-refundable application fee will be required at that time to start the approval process. Inspections must be ordered by buyer within time allowed by contract to avoid losing the right to have repairs done at the expense of the seller.
Buyer chooses inspectors and pays for the reports.
Communicate time of inspections to all parties so that the utilities will be on and the inspector will be able to gain access. Buyer gives copy of repair report and priority list to seller. Seller gets estimates on priority repairs. Repairs do not start until buyer has formal loan approval. Closing time is set at title company.