For sure, you know there needs to be an inspection, something needs to happen with a home loan (unless you’re one of the lucky few), you wire funds from your now dwindling savings account, and somehow, you get keys. But how does it all work?

Let’s assume you’ve found your realtor, secured a pre-approval letter, gone to a few open houses, had a few private showings, and now you’ve found the property in northeast Ohio that you want to put an offer on. We could go back further, but the process until this point is more or less the same anywhere you are in the United States.

Crafting a strong offer takes some finesse, and every single one is different, even if you just wrote one for the house next door. Each possible transaction has its own set of variables, from listing price and the time a home has been sitting on the market, to the seller’s requirements and the flexibility a buyer has in meeting those, regardless of whether it is a buyer’s or seller’s market.

Once you’ve signed the offer, though, you should expect to wait. And, if you battle with impatience, this will be challenging. Your agent will present the offer to the Listing Agent (sometimes according to specific instructions) and attempt to call them. Then the Listing Agent will review the paperwork before presenting it to their clients. The seller may be in a different time zone, have a prior commitment, or have questions for your lender. So, don’t worry if you have not heard from your agent within a few hours; no Buyer’s Agent worth their salt is going to sit on an offer they’ve written without following up as often as they think the Listing Agent can stomach.

Most offers require negotiation, which can range from minor adjustments to extensive discussions. But once you have a fully executed agreement, you’re officially under contract.

Payment of the Earnest Money Deposit (EMD) is one of the first contingencies you’ll need to meet. While there is never anything standard in real estate anywhere, in Northeast Ohio, EMD is commonly due within the first five days after offer acceptance. Depending on brokerage policies (which can vary), this money may be held by your agent’s brokerage – or by the title and escrow company.

In most cases, you will have a variety of methods to pay your EMD – from ACH wires and online credit card payments to checks (mailed or taken to the recipient). The exception is any payment over $10,000, which you must wire according to the law.

Keep in mind that there are variables; the most crucial element is that you adhere to the conditions of the contract, which your agent will be able to explain to you clearly.

The state of Ohio doesn’t mandate any home inspections. But that doesn’t mean there aren’t required inspections. Some may be a condition of your loan; for example, VA loans require Wood-Destroying Inspect Inspections (WDI, or more commonly known as Pest Inspections), and certain cities and townships might require POS Inspections (we’ll get to that). And you can certainly choose to have whatever inspections you like on a property, as long as that contingency is in the contract. (Hint: if your agent has spoken to you about inspections, you likely have that right.)

And, if the parties agree to repairs in the ROC, one can expect these to begin as soon as possible, weather permitting, of course. (In Northeast Ohio, many things can be weather-dependent.)

The buyer and lender will usually wait until after the inspection contingency period has passed to order the appraisal. The buyer must pay for the appraisal, so it makes sense to wait until it’s known that everyone is happy to move forward with the transaction.

That said, if the closing date is tight, the buyer is generally satisfied to move forward with the property (even if the foundation is crumbling), or for any number of other reasons, it’s possible to order the appraisal sooner. It is unusual to delay it later, but as long as the lender is confident they can meet the deadlines specified in the contract, this might be the case.

There is no set timeframe for how soon the appraisal inspection occurs after order and payment, or how quickly the lender receives the report thereafter; however, seven to ten days is a reasonable length of time to wait. But, I’ve seen appraisal reports turned around in a matter of days, while very unique properties (with difficult-to-source comps) may take longer.

Title Work: Throughout this period of inspections and appraisals, your title team is working to ensure there are no liens or clouds on the property so they can confidently transfer title to you without fear that a contractor will sue the new owner for work undertaken (but never paid) for the seller – or that there is a distant relative to a previous owner that can claim a right to the title. This process takes as long as necessary. If the property has a history filled with quit-claim deeds, or perhaps one of the previous owners had periods of financial uncertainty (and didn’t pay taxes or contractors, for example), it can take longer. I’ve seen this process extend over a year, but this isn’t typical.

More frequently, your title team will be able to get the job done in time for closing preparations. What’s important is that you respond to any requests for information from your title team as soon as you can.

Loan Processing: As a buyer, you will be in close contact with your lender throughout the transaction, as they will need a seemingly endless set of documents from you. What they need for underwriting to approve your loan can vary between lenders and loan products, but expect to present anything that relates to your financial life, such as tax returns, bank statements, pay stubs or invoices, etc. Again, it’s critical to get items back to the lender as soon as possible, especially if there are IRS questions or you have an atypical income situation.

POS Requirements: If you’re buying a home in the Greater Cleveland area, there’s a possibility you’ll need to deal with the city’s Point of Sale (POS) requirements. Some cities, not all, will not allow property to transfer without their own inspection related to their building and housing codes. If there are violations, the seller must correct them, or the buyer must assume them, or some balance between the two. Each city’s process and requirements are different, making it nearly impossible to present any standard. But the seller typically initiates the process, and your agent and title company will keep you informed along the way, so you’re aware of what’s expected of you to remove this contingency.

Your title company will pay the first year’s home insurance through escrow at closing, and your home loan accounts for this cost. However, in Northeast Ohio, you should have the choice of the home insurance provider and policy you want to work with. Depending on the property, insurers may request inspection or appraisal reports to provide a quote, but as with all things real estate, this is not always the case. And indeed, there is nothing preventing buyers from reaching out to potential insurers before these items are in place.

Finding and obtaining the policy is the buyer’s responsibility – not the lender’s or any other party’s, so it’s best to have it in mind early on in the transaction, even if it’s only stitched together later.

Please note that most insurers will inspect the property at some point, often after transfer, and they may adjust the premium (or even cancel coverage) if the condition of the property is different from what was reported or expected.

Although the seller can usually schedule their signing with the title company at any time before closing, title companies cannot schedule the buyer without the Clear to Close (CTC) from the lender. In some cases, this means a last-minute rush of documents the lender’s underwriter needs; at other times, it’s positively peaceful on the buyer’s side. It all depends on… well, everything that’s transpired over the course of the transaction, so there isn’t really a way to plan for this experience.

After the lender issues the CTC, they will provide a preliminary Closing Statement to the buyer. It’s important to note that the buyer must have this at least 48 hours before they can sign. And during this period, the title company and the lender will go back and forth to ensure the numbers match on both sides.

When everything is in order, the title company will reach out to schedule the buyer for signing. Buyers typically have a choice of going to the title company’s office (or one of their many offices when there is more than one) or having a notary come to them at a time and place that is convenient.

If you schedule your signing for the afternoon, it’s unlikely the title company will be able to fund and file that day, which can mean – depending on the terms of the contract – that you will only receive the keys the following business day. If you want to have keys in hand on that day, you can try for a morning appointment, though the afternoon or evening before is even better.

When you have the final Closing Statement from the Title Company (ALTA, HUD, etc), you can initiate your wire to pay your closing costs, or have a bank check cut to bring to your signing.

Typically, closing is attended only by the buyers and the notary, but if there are co-signers, they may elect to sign at the same time. It’s not usual for your agent to be there, but you can always ask.

Contracts differ on whether the buyer takes possession when the title company has all the funds and buyer-side signatures, or after the title company files (records the deed with the county) and funds (initiates payments to sellers and any other parties paid out of escrow). Unless explicitly specified otherwise, you may expect to receive the keys only after title has filed and funded.

And then, it’s time to enjoy your new home!