YOU’VE GOT A CONTRACT!
Upon getting a fully ratified contract (all signatures and initials from all parties), a copy of the contract will be given to all parties for their records. A copy of the contract will then be sent to the closing attorney that each party has chosen or one attorney if everybody agrees to use the same one.
The contract will also be filed at our office along with the earnest money check that will be deposited into our trust account (if we are holding the earnest money – most likely the Buyer’s agent’s brokerage will hold the earnest money).
Due Diligence Period
If Due Diligence applies, the Due Diligence Period begins at 10:00 AM on the business day FOLLOWING the contract being ratified and ends at 10:00 on the last business day of the Due Diligence Period. Under the Due Diligence Period the Buyer can unilaterally terminate the contract for any reason with no penalty. It is during this period that the Buyer can complete a home inspection and a CL-100 termite report, obtain a survey, investigate insurance, etc.
Inspections will be scheduled immediately upon a deal being reached and appointment times confirmed with the Seller. Time is of the essence.
Inspections, Repairs & Negotiations
Once the inspection reports come back (usually the day following the inspections unless it is a weekend) the Buyer will have a chance to review, and if repairs are to be requested then an addendum will be created and sent to the Seller along with a copy of the inspection report. Once repairs are negotiated, they can begin and the process moves forward.
Once a ratified contract is procured for the Buyers’ property IF there is a home-to- sell contingency, a copy will be given to the Seller so they can see that the property is in fact under contract. We make all attempts to simultaneously close both the Buyers’ current home and the new purchase.
The closing attorney will send out information sheets to be filled out by Buyers and Sellers. Once you receive this please fill it out and email or fax back to the attorney. If there are questions, please ask! The information they ask for usually consists of any outstanding loans on the property and social security numbers (for tax purposes).
Get Ready for Closing
Meanwhile, as a Seller, please pull together all info that pertains to the home such as manuals, surveys, HOA info, etc. that the Buyer may need. If you have a termite bond please provide us that information so that the bond may be transferred upon closing. Also, if you are happy with your current homeowner’s insurance please share with me the agent and company as the new Buyer may want to use them as well. Same for lawn services. Please let us know what day the trash and recycle pick-up is.
Utilities may be cancelled in the current owner’s name the day of closing. The new Buyer will be responsible for activating in their name to start the day of closing.
Receiving Funds at Closing
As a Seller you will receive funds at closing. Please determine how you would like to receive those funds, either by wire transfer or a certified check. We will need to let the attorney know ahead of time.
Please collect all keys and garage door openers and bring to closing – you will also need photo ID at closing so make sure to bring that with you. Then you sign!