You're Under Contract!
What's Next?

First off, congratulations! Now that you've made it this far, we want to make sure we get to closing!

 

There are a LOT of moving pieces from here until closing including the buyers financing, appraisals, inspections, deadlines, coordinating with the title company etc.

Please watch the video above, and review the information below.

 

Because you and the buyer have unique situations, the information below may vary. This is what we typically expect once a property goes under contract:

​

• Fully Executed Contract. The contract will be sent to the title co. and the buyers lender. The buyer will deposit their earnest money with a title company or their agents brokerage within 4 days.

   

• Sellers Property Condition Disclosures. We will email this property questionnaire to you. It asks information about your property and any damage or repairs during your ownership. Please fill these out honestly and to the best of your ability. Let us know if you have any questions.

   

• The Buyer's Home Inspection. The buyer typically has 10-14 days to complete all inspections on your property. You will be notified when this is scheduled and typically takes 2-4 hours. Please leave all utilities on so the inspector can test and inspect all the items deemed necessary. Depending on the outcome of the inspection and the buyer, they may elect to have repairs made or a credit applied toward repairs. You are not obligated to any of the buyer's requests. However, if they deem the repairs or defects to be too much, or you cannot come to an agreement, the buyer may cancel the contract. If they do cancel within their due diligence period (outlined in the contract) their earnest money deposit is returned to them upon cancellation.

   

• Title Company Communication. Within a week or two, the title co. will reach out and ask for your current loan information, social security numbers of owners, LLC information, etc. to prepare for closing.

   

• Appraisal & Buyer Financing. You will be advised when the appraiser is coming. If the home does not appraise, or the buyer's loan/financing is denied during their financing period (see contract for dates) they may cancel the contract and retain their earnest money deposit or elect to renegotiate.

   

• Prepare The Property. Be packed up and ready to be out of the property on closing day. (unless otherwise negotiated) Have the property broom swept, lawn mowed, etc.

   

• Buyers Final Walkthrough. 24-48 hours before closing, the buyer will usually perform a final walkthrough to make sure the property is in the same condition it was when the offer was accepted and requested repairs have been resolved.

   

• Coordinating Closing. The title company will send final numbers and schedule a day and time to sign your closing documents or coordinate otherwise if you are out of town. They will also collect any last minute information they'll need to close and distribute your funds.

   

• Extra Keys Etc. Round up any extra keys, garage door openers, remotes, mailbox keys, community keys, and write down any property-specific information the buyer may need to know. Leave these items in a kitchen drawer.

   

• Closing Day! Once all parties have signed the final documents, the title company will pay off your mortgage, wire your funds (when available) and record the transfer of property. If you have an escrow account, you may receive a refund for unused funds within 30 days.

 

• Cancel Insurance & Utilities. Once the transaction is finalized, don't forget to cancel all utilities, services and insurance. The garbage and sewer are typically handled by the title company.

 

If you have any additional questions, please reach out. We will keep you updated as things progress and as appointments and access to your property is required (Inspection, appraisal, walkthrough etc.)