Phase 1 — Under Contract (Day 0–3)
Once the contract is ratified (mutually accepted and signed by both sides), the contingency clock starts. The first 72 hours set the tone of the entire transaction. If anything slips here, every downstream deadline is at risk.
Day 0 (within 24 hours of ratification):
— Send the executed contract to: buyer, seller, both agents, lender, escrow/title, transaction coordinator. Every party.
— Open escrow with the agreed title company.
— Receive Earnest Money Deposit (EMD) and confirm wire/check has cleared.
— Send the closing-day checklist to both clients (what to expect, key dates).
Day 1–3:
— Confirm inspector scheduled (typically within first 7–10 days).
— Confirm appraisal ordered (lender drives this).
— Send disclosures package to buyer per state requirements.
— Calendar invites to both clients for every milestone date.
Phase 1 critical artifacts
- Ratified contract (fully signed, all addenda included)
- EMD receipt (cleared, not just received)
- Escrow/title file opened — file number documented
- Lender contact info confirmed and shared with TC
- Inspection appointment confirmed
- Appraisal order confirmed
- Disclosures package delivered (state-specific)
Phase 2 — Inspection (Day 5–14)
Inspection is the contingency most commonly miscalculated. The deadline is usually 7–17 days from ratification, depending on state and contract. Track it as inspection completion + report delivery + repair request submission — three sub-deadlines, not one.
Inspection day:
— Inspector accesses property (TC confirms access with listing side).
— Buyer or buyer's agent attends if practical.
— Inspection report typically delivered within 24–48 hours.
Post-inspection (within contract deadline):
— Buyer agent reviews report with buyer; identifies repair requests, credits, or withdrawal.
— Repair request submitted to listing side in writing, with specific items.
— Listing agent + seller respond: accept, counter, or refuse.
— Resolution documented in writing (Repair Addendum).
If no resolution by deadline → contract auto-terminates in most jurisdictions, EMD returned per contract. Do not let this happen by accident.
Phase 3 — Appraisal, Loan, Title (Day 7–25)
Three parallel tracks, each with their own kill-switch:
Appraisal track:
— Appraisal ordered (Day 1–3).
— Appraisal completed (Day 10–18).
— Appraisal report delivered to lender (Day 14–21).
— If appraisal comes in low: negotiate seller credit, buyer brings additional cash, or terminate per appraisal contingency.
Loan track:
— Buyer submits full loan application + documents (Day 1–5).
— Loan goes through underwriting (Day 7–21).
— Conditional approval issued (Day 18–25).
— Final loan commitment / clear-to-close (Day 25–30).
Title track:
— Title search ordered (Day 1–3).
— Preliminary title report delivered (Day 5–10).
— Title issues resolved (Day 10–20): liens, easements, judgments.
— Title insurance commitment issued.
Broker compliance review
Most brokerages require a compliance review of the file before close (some states require it by regulation). Submit complete file 5–7 business days before closing to avoid last-minute back-and-forth.
Phase 4 — Closing (Day 25–35)
Closing Disclosure (CD) review: Federal law requires the buyer to receive the CD at least 3 business days before closing. Any material change resets the clock. Track this aggressively — a CD reset is the #1 cause of close-date slips.
Final walkthrough (Day -1 or -0): Buyer + agent walk the property to confirm condition matches contract, repairs were completed, included items present. Document with photos.
Closing day:
— Buyer brings wire confirmation, ID, anything still needed.
— Seller signs deed and closing docs (often before buyer — depends on dry vs wet state).
— Funds disburse, deed records.
— Keys delivered.
Post-close (Day +1 to +7):
— Closing gift sent.
— Review request triggered (Workflow 10).
— Transaction archived; file moved to long-term storage.
— Past-client nurture sequence enrolled (Workflow 05).
Where AI replaces vs assists in TC
AI replaces:
— Deadline tracking and proactive reminders to every party.
— Document checklist enforcement (you cannot move to the next phase without all artifacts).
— Status emails to clients ("here's where we are this week").
— Calendar invites and reschedules.
— File compilation for broker compliance review.
AI assists:
— Repair-request negotiation draft (you edit for tone and strategy).
— Buyer/seller question response drafts.
— Title issue summary drafts.
Humans only:
— Contract negotiation and amendments.
— Anything involving lender escalation.
— Final walkthrough and any condition disputes.
— Closing day signing (in most states).
The TC scorecard
Three metrics per closed transaction:
1. On-time close (%): percentage of files that closed on the contracted date without an extension addendum. Target: 90%+.
2. Deadline misses (count): any contingency, financing, or appraisal deadline that passed without action. Target: 0 per closed file.
3. Emails per closing (count): total TC-driven emails per file. Too few = under-communicating. Far too many = process is broken; clients are asking the same questions repeatedly. Set your own band based on your last 10 closed files.
A well-run TC function quietly cuts a meaningful chunk of agent admin time per transaction, frees agents to list and sell more, and prevents the silent contingency failures that cost more than commissions.