When you and a buyer settle on a contract, you’re entitled to a earnest deposit that is held by the broker and shows the buyers good faith. That’s your guarantee that the buyer intends to make the purchase. Hopefully, though, the sales process will then proceed through the appropriate stages. The brokers will help the buyer arrange necessary financing while you address all contingencies. More participants will enter the sales process at this point, such as housing, septic and termite inspectors, appraisers, title companies and attorneys. Mortgage acceptance usually requires between one and two months, so there’s a bit of down time before all the documents and certificates are in order. In case the buyer’s financing falls through, you’ll want to keep the home in good condition for future showings. Upon approval of financing, your broker and the buyer’s broker will arrange a closing date. You have a voice in when this will be, as does the buyer. Your broker will help you get necessary documents in order, as well as assistance in transferring utility accounts. Once a closing date is approved, you can safely begin the process of moving. You’ll want to make your move as simple as possible. Get rid of anything you don’t want or need to move. (A garage sale is a good way of doing this.) Don’t forget about your food, which you would probably not want to take along with you, especially if your move is a long one, and begin trying to use the items you have stored in your freezer and pantry. Collect pertinent records for yourself and your family too. A checklist for this chore might include insurance documents that will protect you and your property during a move (check with your insurance company to ensure you’re covered in the period between residences), school and medical records, and any family documents that are important to you, like birth certificates, wedding certificates, and baptismal records. Unless otherwise provided for, the buyer will take possession of the property at settlement, so make plans to clean and vacate the house a day before closing. This is also likely the day the buyer will make a final inspection. During this walk-through, the buyer will check that the property is in the condition specified by the contract. Expect them to try all of the home’s lights, plumbing, appliances, furnace and air conditioner, sink disposal, and water heater. Knowing this, it’s a good idea for you to test all of these things before the buyer arrives. To prevent any hold-ups at closing, correct any deficiencies before the buyer has a chance to learn of them. More Information |
