Read more about what you can expect when you are under contract to sell a home.
Congrats on getting a contract! 🎊
What we do for you:
Now that you are under contract, there are many working pieces, happening simultaneously as we work toward closing. Your agent and the rest of the team will work together to ensure everything progresses smoothly. This will include monitoring deadlines, and communicating with the title companies, lenders, agents, inspectors & anyone else involved. You'll be updated often throughout the entire process & we will make sure you know what is coming up next.
What you need to do:
Communicating with us and your title company throughout this process is key to ensuring everything runs efficiently. If you have questions, don't hesitate to ask & if something comes up you think could interfere with the closing, notify us immediately. Making sure requests from us & your title company are completed in a timely fashion is crucial.
What happens next:
Day One
The agent will send all contract related documents to the title company, lender, & the other agent. The agent will be responsible for making sure municipal inspections are scheduled and title work is ordered. Your agent will email you a detailed description of what you are responsible to do next.
Earnest Money
The buyer will be deliver earnest money to the title company indicated on the sales contract. Once this is received and processed, the title company will provide us with a receipt.
Buyer Inspection Period
The length of the inspection period is listed on the sales contract. Within the timeframe designated, the buyer has the opportunity to discover the conditions that were previously unknown to them when they viewed the property.
Inspections typically last a few hours and you will be notified when the buyer has scheduled their inspections. Once reviewing the inspection reports, the buyer has three options: let you know they are satisfied with the reports, let you know they are terminating the contract, or let you know they are unsatisfied with specified items and request a solution to remedy.
An inspection notice will be delivered to us. Once delivered, we will have a specified number of days to reach a resolution (typically ten days from when the inspection notice was first delivered).
Municipal Inspections
Should occupancy or fire inspections be required, the party who is responsible per the sales contract will order these. These inspections will be resolved during the period indicated on the sales contract so that the buyer can be provided with a passed inspection, so they can apply for a permit and occupy the property after closing.
Insurance
The buyer will work on getting insurance and will be in touch if they have any issues.
Loan Commitment
The lender will be the one who issues loan commitment on behalf of the lending institution. The loan commitment will need to be issued by the lender to the buyer before the loan commitment deadline spelled out in the sales contract.
Appraisal
The buyer’s lender will order an appraisal. You will be notified when the appraiser is scheduled to conduct the appraisal. You will not likely receive a copy of this report.
Survey
The title company order a survey, if the buyer has opted purchase a survey. You will likely not receive a copy of this report.
Title Commitment
Your title company will be sending the title commitment, which is a commitment to issue title insurance to the buyer. The title company searches the property and reviews all the requirements to issue the title insurance to the buyers. The title commitment will need to be issued by the title company before the title commitment deadline spelled out in the sales contract.
Utility Transfer
Keep in mind that utilities will need to be switched out of your name on the closing date, so you don't continue to pay for them!
Final Walk through
Before closing, the buyer and their agent will conduct a final walk through. This is done to ensure that the home is still in the same condition as when they submitted their offer. Additionally, this will be the time they review any work that has been completed in reference to the agreed upon inspection notice.
Closing
As closing approaches, we will get you scheduled for signing with your title company. We will let the buyer's agent know the time you’ve been scheduled to close. You will be told exactly how much needs to be brought to closing by certified funds or how much you will receive from closing proceeds. Be sure to bring your ID, too!
You can read more articles about being under contract here on our site, or reach out to our team at any time.