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We have an executed contract, what should we expect next?

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Congratulations are in order, almost! We have made it to first base.

The contract has been executed and the countdown begins towards your closing date that is set in the contract. Here are some things to understand about your contract: The execution date on the contract is the starting clock for all activities. All activities and deadlines start on this date. For most sellers, the contract requires you to deliver your survey and a notarized T-47 form to the title company within a specified number of days.

Typically an agreement has a specified number of days for the option period. During this time the buyer has an unrestricted right to terminate the contract and receive any earnest money they deposited. Hopefully, a buyer will inspect the home immediately and negotiate repairs to close out the option period quickly. Before either party makes future plans they should wait and see what happens with the inspection and option period. Sometimes it can be a total renegotiation of the contract. After the buyer inspects the property terms for repairs and allowances are negotiated we have made it to second base. At a minimum, I advise not to consider this deal a sure deal until this has taken place.

The inspection company will take care of scheduling and property access for the inspection through ShowingTime or other showing instructions. After we are notified the option period is closed your property status is changed to Pending and all agent showing activity ceases.

If the home is financed the seller will get a showing request to authorize a showing from the appraiser. Sellers should approve this showing and another hurdle will pass and we will be at third base.

Both parties get a closing statement prior to that for us to review and approve. Before that, if you need an estimate of your closing costs, contact the lender or  title company and ask for one. It is the lenders job to provide an accurate estimate to the buyer and the title company’s job to provide it to the seller.

When the money has cleared and funded, we have made it to home base. We assist you with these activities and situations that arise until you are in or out of your home.

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Notice: This website contains general information about legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant or other professional services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional services provider.