What needs to be done after the Contract of Sale is signed?
After all parties sign the contract, you will need to give a copy to your lender or mortgage broker so that the mortgage application can be processed. Your contract will require that a prompt application be made, so it is important not to delay making the application to your lender to avoid breaching the contract. A termite inspection will need to be done within approximately ten days from the date of the contract. If termites are found, the seller has the option to treat any infestation and repair any damage, and provide a one-year guaranty, or to cancel the contract. As a practical matter, sellers will not allow a contract to be cancelled, and will provide the one-year guaranty.
