Congratulations are in order, almost! We have made it to first base.
The contract has been executed and the countdown begins towards your The date on which the sale of a property is to be finalized and a loan transaction completed. Often, a real estate sales professional coordinates the setting of this date with the buyer, the seller, the closing agent, and the lender. 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 A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements. and a notarized T-47 form to the The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land. company within a specified number of days.
Typically an agreement has a specified number of days for the An option period is a specified time frame in a real estate contract which allows a buyer to terminate the contract for any reason. It creates the right to terminate within the specified number of days for a specified price. Usually the first 5-10 days of the contract. During the option period, a buyer inspects the home for material defects. . 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 A professional who conducts an analysis of the property, including examples of sales of similar properties in order to develop an estimate of the value of the property. The analysis is called an “appraisal.”. Sellers should approve this showing and another hurdle will pass and we will be at third base.
Both parties get a See “HUD-1 Settlement Statement.” prior to that for us to review and approve. Before that, if you need an estimate of your The upfront fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third parties, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance...., contact the The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. 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.
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.