You did it! You’re under contract and well on your way to homeownership. This snapshot will guide you through the next steps.
STEP 1: EARNEST $$ & HOME INSPECTIONS
You will have 3 calendar days after the effective date of the contract to get your earnest money to the licensee assisting the seller or to their title company. This earnest money is used to convey to a seller that you are earnestly seeking to buy their home. This can be in the form of a personal check, cashier’s check, or electronic deposit to the seller’s title company. This money is deposited into the title company’s escrow account and will be held there until closing. At closing, the earnest deposit is applied to your down payment or closing costs. If paying cash, this can be put toward your purchase price.
After the contract is fully executed and all signatures have been obtained, you will have 10 days (or days specific on contract) to hire an inspector to conduct your inspections. You as the buyer pay for inspections. POSSIBLE INSPECTIONS INCLUDE: Whole House, Termite, Radon, Chimney, Mold, Septic, Sewer, Other
As always, if you have any questions, just let me know! We will be in close contact.
STEP 2: THE APPRAISAL
STEP 3: FINAL STEPS
We will set up a “final walk-through”. This is an opportunity for you to walk-through the property one more time prior to closing. If during the inspection period you asked for repairs to be done, this is also the time to make sure they were completed.
Please call the appropriate utility companies and have them turned on in your name for the date of “possession”. This is the day that you will be allowed to physically move in. It isn’t always the same day as closing. So, if you close on Thursday, but take possession on Friday, have utilities turned on for Friday.
I will get the keys to you at closing. The seller should be leaving any additional items at the house. Examples include: garage door transmitters, additional keys, garage door keypad code, mailbox information, HOA information, pool keys, security code to an alarm system and any other misc.
ADDRESS CHANGE REMINDER
Be sure to change your address at the post office usually a week prior to closing.
STEP 4: PAYMENT & CLOSING
After the appraisal process is complete, you will be contacted by the title company to schedule your closing. Closings typically take about an hour or less. You are required to go to the title company and sign your closing documents with the title agent. They are notaries and this is part of the service the title company provides as a part of the closing fees. They will explain the money that is being collected at closing, taxes paid and your monthly payment if you have one. Make sure to take your driver’s license, or a form of ID to your closing.
At closing, you will need to bring the appropriate amount in certified funds either by cashier’s check or money order to the title company on the day of closing to complete the transaction. You can also wire the money through special instructions provided only from the title company. Beware of cyber fraud and never wire money from a random email, text message, etc.
CONGRATULATIONS ON THE SALE OF YOUR NEW HOME!
I am honored to have been a part of your new home journey. This isn’t the end! I’m here for you before, during and after the sale so feel free to reach out at any time with any questions you may have. I can’t thank you enough for choosing me as your trusted real estate advisor.