From Acceptance To Closing
Here’s what you should know about the process (all will be explained in detail when we meet for a visit)…
EXECUTED CONTRACT & CHECKS - Once you have accepted a buyer’s offer and all signatures have been obtained, the buyer’s Earnest Money Check will be forwarded to the Title Company along with a copy of the “Executed Contract”. You will also receive the buyer’s Option Fee. The buyer’s Option Period will begin the day following the “date of execution”. Additional documents may require your signature throughout the process.
Continue to keep your home in showing condition at least through the Option Period.
OPTION PERIOD & INSPECTIONS – The day following the execution date on the contract, the buyer’s Option Period begins. During this time the buyer will more than likely schedule inspections. You will not be required to be home during these inspections so that the inspector can speak freely to the buyer and acquaint them to their new home. There may be several inspectors (i.e. General, Structural, Termite, Septic, etc.).
If the buyer receives information regarding needed repairs, their agent will provide us with a “Repair Amendment” for your signature along with the Inspection Report. Negotiations may require your signature on several more documents. Once everyone agrees to the requested repairs, this document will become a part of the contract.
INTERIM PERIOD –The buyer and his agent are working on their end to complete the loan process, complete inspections, review inspection reports, request repairs, order insurance, get an appraisal, order a survey (if needed), and prepare to move as well. During this period, if you agreed to any repairs, please take care of them ASAP. You will also be asked to provide documentation and/or receipts to prove the repairs have been completed per contract. Gather all keys, remote controls, warranty info and any other paperwork pertaining to the house and place in a large brown envelope to bring with you to closing to pass to the new owner.
UTILITIES – Contact utility companies several days prior to closing. We are hoping the new buyer will do the same in order to avoid an interruption in service. Utility transfer date should be the same date as closing or the day after.
FINAL WALK-THROUGH – Prior to closing, we will schedule your “Final Walk-Through” so that you can go back through the home to make sure it is as expected. If time permits, the morning of closing is best. You will want to pay special attention to any requested repairs to make sure they have been completed.
CLOSING – Prior to closing, the Title Company will prepare a HUD or Closing Statement which will include actual amounts owed or due to the buyer or seller. If you have not received a call from the Title Company or the HUD Statement before leaving for closing, please call them and verify any money to be paid by you. If you are receiving funds, you can have it wired into your account so that the funds will be available to you immediately. Your closing costs and payoff of your mortgage will be taken out of the sales price.
Closing usually takes between 45 minutes to 1-1/2 hours. Both spouses must be present to sign at closing. If one is expected to be out-of-town, you MUST get a “Power of Attorney” document which will allow the available spouse to sign on behalf of both. Please let me know ASAP so I can let the Title Company know in order to make preparations for this.
After all signatures are obtained, the Escrow Officer will forward the documents to the buyer’s lender for final approval to release the funds. Only after the funds are released is the process completed so that the buyer can take possession and receive the keys to their new home. If for some reason the lender does not fund (possibly due to timing issues especially for closings after 2PM), possession will not take place until funding has taken place.
To closing, bring with you:
- Your Current Driver’s License or other form of photo I.D. such as a Passport
- Envelope containing all keys, remotes, warranty info and any other paperwork pertaining to the house
- Personal check if funds are to be wired into your account
There are many other To-Do items that will be going on behind the scenes. Please call or email me with any questions or concerns. It is truly a joy and delight working with you and I thank you for allowing me to play a role in the process.