OFFERS: The buyer submits a written
and signed offer to purchase. This document becomes
the sales contract when signed by all parties involved.
The selling agent customarily notifies the listing
associate of the offer, and the listing associate
will then arrange an appointment with the seller to
present the offer.
At this point, the seller has three options:
- Accept the offer as written.
- Reject the offer if it is totally unacceptable.
- Counteroffer, changing any unacceptable conditions.
(When the counteroffer goes back to the buyer, the
buyer has the option of withdrawing, accepting,
or countering the counteroffer.)
When both buyer and seller agree to all terms (including
changes made in any counteroffer), and indicate agreement
by their signatures, the contract becomes "firm."
With signatures and notification to all parties, a
sales contract now exists.
CONTRACT:
Several professionals may come into the home-selling
process after the offer is accepted, including a housing
inspector (if hired by the buyer), a termite inspector,
and an appraiser.
If the buyer is financing the purchase of your home,
the process will typically take 30 to 60 days. On
the chance that a buyer's financing will not be given
final approval, you should keep the house in good
"showing" condition. See
tips for preparing and showing your home.
As part of the contract process, you must prove to
the buyer that you have a clear title on the house
- that there are no legal claims against the property
and you are the legal owner.
Some of the details you will need to handle
include:
Notifying your lender that you will be paying off
the mortgage and asking for a statement of what you
owe. Your outstanding balance will be subtracted from
the amount you receive from the seller.
Having any fix-up work completed according to the
contract, so that final inspections may take place.
Gathering all warranties and instruction books for
your home's appliances or major systems to give to
the buyer.
Once you have a closing date established, you will
need to notify the utility, telephone, water and other
services to advise them on your final billing date.
A walk-through inspection prior to the closing allows
the buyer to determine if conditions of the contract
are satisfied. It is up to the buyer to perform the
inspection, and they should be accompanied by the
selling and/or listing agent. The seller may or may
not be present, but should make sure that utilities
are on so that equipment can be operated.
CLOSING:
At the final signing, the home seller should bring
all warranties on equipment (or leave them in an obvious
place in the house) and instructions on equipment
maintenance or operation. Be sure to bring all keys
and electric door openers. Also, remember to bring
a picture identification.
Typical costs for the seller include:
- Mortgage balance pay-off
- Interest on the mortgage up to the date the mortgage
is paid off
- The real estate commission
- Lender fees
- Repairs to the property
- Pro-rated taxes and homeowner's association dues,
if applicable
- Homeowner's warranty
- Title policy
- Escrow fees
The seller, the buyer, and the agents receive copies
of the settlement sheets.Congratulations! Sold and
Settled!
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