You listed your home, kept it immaculate for viewings, received an offer, accepted the offer, and the Buyer’s Agent forwarded the deposit to your Agent. At this point, you will begin the Closing Process.
The important thing to remember is that the Closing process can take several weeks depending on the type of loan or program involved with the sale. For example, if a program such as HARP is being used, the closing process could take up to four months to complete. Time being of the essence, it is imperative to submit all requested documentation as soon as possible and to follow up to make certain that the correct parties have received the requested documentation in order to avoid unnecessary delays.
The Purchase Agreement will note when all inspections must be completed. It is important that the Seller is aware of this date. Once this date has passed, no further new inspections should be allowed. The Buyer is allowed to do any inspections they deem necessary during the inspection period (home inspection, plumbing inspection, HVAC inspections, under slab inspections, electrical inspection, termite inspection, etc.) and the Seller must make the home available. However, all inspections are paid for by the Buyer unless the Seller has agreed in writing to absorb the cost of an inspection. Once the inspections have been completed, the Buyer must complete the Inspection Response Form and have their Agent submit it to the Seller’s Agent during the inspection period. This form will state any repairs that the Buyer is requesting that the Seller make in order to go forward with the sale.
The Title Company is selected by the Buyer. Your Agent will forward all necessary information to the Title Company (such as mortgage information on the home for payoff, social security numbers, etc.). However, the Title Company will call if any additional information is needed. It is important to return any calls from the Title Company and provide the necessary information as soon as possible. The title company will run a title check to make sure the title is clear and prepare sales documentation. They will then set a date and time for the Act of Sale.
Remember, the Purchase Agreement specifies the date the closing must be completed. Therefore, it is important to submit requested documentation to the Title Company as soon as possible. Once, the documentation is completed, the documents will be sent to you for review. It is important to review these documents carefully for accuracy. It will show the final breakdown of all costs and let you know how much money you will receive from the Act of Sale.
The Buyer has a right to re-inspect the home within five days prior to the Act of Sale. During this time, the Buyer will be making certain that requested repairs have been completed and that the home is in the same condition or better as when the initial inspections were made.
Finally, for the Act of Sale, it is important for the Seller to be prompt and bring any warranties that will be transferring to the new owners as well as the keys and garage door openers. All parties will be required to sign the necessary documentation. The time required for signing varies but the Seller’s Agent should be able to provide you with an estimate.