As a seller who has signed a purchase agreement for your house, here are the next steps you can expect:
Earnest Money Deposit: Once the buyer has signed the purchase agreement, they will typically provide an earnest money deposit. This deposit demonstrates their commitment to the purchase and is held in escrow until the closing.
Cooperate with Buyer’s Requests: The buyer may have certain contingencies outlined in the purchase agreement, such as a home inspection, appraisal, or financing approval. Cooperate with their requests and allow access to the property as needed.
Home Inspection: The buyer may schedule a professional home inspection to evaluate the condition of the property. Be prepared for any potential issues or repairs that may arise from the inspection. Depending on the terms of the purchase agreement, you may have the opportunity to address these issues or negotiate with the buyer.
Title Search and Clearances: The buyer’s lender or title company will conduct a title search to ensure there are no liens or legal issues with the property’s ownership. Work with the necessary parties to clear any outstanding issues or disputes that may affect the sale.
Reviewing Contingencies: Review the purchase agreement carefully to ensure all contingencies and timelines are met. For example, the buyer may need to secure financing or sell their current home before proceeding with the purchase. Ensure that both parties are fulfilling their obligations as per the agreement.
Finalizing Closing Details: Work with the buyer’s agent, your real estate agent, and potentially an attorney or title company to gather necessary documents and complete any required paperwork. Prepare for the closing by providing any requested information or disclosures.
Closing: On the closing day, you’ll meet with the buyer, their representative, and potentially an attorney or title company representative. At the closing, you’ll sign various documents, including the final settlement statement and transfer of ownership documents. You’ll receive payment for the sale of the property and hand over the keys to the buyer.
It’s important to note that the specific process and requirements may vary depending on your location and the terms of the purchase agreement. It’s advisable to consult with a real estate professional or attorney who can guide you through the selling process and ensure a smooth closing.
A deed is a legal document that proves transfer of ownership, while the title refers to the legal right to own that property. The deed is the document that is used to transfer the title from one person to another.
Initial consultations are typically free of charge. The fees for preparing documents, meetings and other factors can be discussed during the initial consultation so there are no surprises.
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