What Happens Between Going Under Contract & Closing?

When buyers get an offer accepted, many assume the hard part is over.

In reality, going under contract is often the beginning of an entirely new phase of the transaction.

The period between contract acceptance and closing is when inspections are completed, financing is finalized, attorneys become heavily involved, and numerous moving pieces come together behind the scenes. While buyers and sellers may not see every step taking place, a significant amount of work happens during this stage to ensure the transaction reaches the closing table successfully.

Understanding what happens during this period can help reduce stress and create more realistic expectations for everyone involved.

The first major step is usually the home inspection.

Shortly after the contract is signed, buyers typically schedule a professional home inspection. The purpose of the inspection is to evaluate the home's visible systems and components, including areas such as the roof, foundation, electrical system, plumbing, heating and cooling equipment, windows, doors, and overall condition.

Most inspections uncover at least some issues. That is completely normal.

The goal is not to find a perfect house. The goal is to identify significant concerns, maintenance items, or repairs that buyers should understand before moving forward.

Once the inspection is completed, buyers review the report and determine whether they would like to request repairs, ask for credits, move forward as-is, or continue investigating certain items further.

This often leads to a negotiation period between buyer and seller.

After inspection matters are addressed, financing becomes one of the primary focuses.

Even if a buyer was pre-approved before making an offer, the lender still needs to complete the full underwriting process. During this stage, buyers are frequently asked to provide updated financial documentation, verify employment information, explain deposits, or submit additional paperwork requested by the lender.

One of the most important parts of the financing process is the appraisal.

The lender orders an appraisal to determine whether the property's value supports the agreed-upon purchase price. The appraiser evaluates the home and compares it to recent sales in the area.

If the appraisal comes in at or above the purchase price, the transaction typically moves forward without issue.

If the appraisal comes in lower than expected, additional conversations may be necessary regarding pricing, credits, or financing adjustments.

At the same time, attorneys are working behind the scenes.

Connecticut is an attorney-closing state, which means attorneys play a significant role throughout the transaction. Buyer and seller attorneys review contracts, coordinate documentation, address legal questions, and help ensure everything is prepared properly for closing.

Title work is also completed during this period.

A title search is conducted to verify ownership and identify any liens, claims, or issues that could affect the transfer of ownership. Resolving title concerns before closing is critical because buyers want to receive clear ownership of the property.

While these steps are taking place, sellers are often preparing for their move.

Many sellers are coordinating movers, packing belongings, arranging utility transfers, and making plans for their next home. Buyers are frequently doing the same, especially if they are relocating from another property or ending a lease.

As closing day approaches, the pace often accelerates.

Lenders work toward issuing final approval. Attorneys prepare closing documents. Buyers review their Closing Disclosure, which outlines the final financial details of the transaction, including loan terms, closing costs, and the amount of money required to close.

A few days before closing, buyers typically conduct a final walkthrough.

The purpose of the walkthrough is to confirm that the property is in the expected condition, any agreed-upon repairs have been completed, and nothing significant has changed since the contract was signed.

This is not another inspection. Instead, it serves as a final verification before ownership changes hands.

Then comes closing day.

At closing, documents are signed, funds are transferred, ownership officially changes, and the buyer receives the keys to the property.

While that may sound simple, reaching that point requires coordination between buyers, sellers, lenders, attorneys, inspectors, appraisers, title companies, and real estate professionals. Each step plays an important role in protecting the interests of everyone involved.

For buyers, the period between contract and closing can feel like a lot of waiting mixed with bursts of activity. For sellers, it can feel like a balancing act between preparing for a move and navigating transaction details.

The good news is that most transactions follow a fairly predictable path. Understanding what happens during each stage can make the process feel much less overwhelming and help everyone move toward closing day with greater confidence.

Adam Cannon, Realtor
Coldwell Banker Realty | West Hartford