Last week my client Harris signed a contract to purchase a Hoboken condo. After he finished reviewing the contract and signing all of the documents, he turned to me and said, “Now what?”
Deciding to enter the Hoboken real estate market and making the decision to move forward with an offer is just the first step. Once the seller accepts your offer, a Hoboken real estate buyer needs to act fast to ensure a smooth closing.
Checklist After Signing a Hoboken Real Estate Contract
- Contact a real estate lawyer. It is highly recommended that you hire a real estate attorney to represent you through the closing. If you do not have a lawyer, your Realtor should have several recommendations. To read more on this topic, please read my post about selecting a Hoboken real estate attorney.
- Contact your mortgage lender. Now is the time to apply for a loan and gather all of the documents your lender will need to process your loan. I recommend setting up a face to face meeting with your lender and bringing with you everything the bank requires.
- Line up a home inspector to conduct a home inspection. Once the “attorney review” period concludes, you are going to want to conduct a home inspection of your Hoboken condo. If you need home inspector recommendations, your Realtor and attorney should be able to provide you with a few inspection companies.
- Gather your 2nd deposit and prepare to give it to your attorney. Usually within 10 days after the end of the “attorney review” period, a buyer must give their 2nd deposit for their Hoboken real estate purchase. I recommend keeping this time frame in mind in case you need to liquidate funds or sell off stocks to pay for this 2nd deposit.
- Do not make any large credit card purchases. With lending guidelines changing rapidly, try not to do anything that can affect your credit when the mortgage company is processing your loan.
- Keep the lines of communication open with your lawyer, lender, and Hoboken Realtor. It is important that these people can get in touch with you when they need to speak with you and most importantly that you can get in touch with them when you have a question.
- If you are renting an apartment, speak with your landlord or management company informing them when you are moving out. You are going to try to not incur any penalties by not giving them enough notice that you will be moving out.