Congratulations!!! Your home is "Under-Contract"
Those are the Magic Words every home-owner wants to hear! My goal is to make the Closing Process a Stress-Free experience. With my many years of experience and working together we can make the process easy, smooth and successful.
Below is a Summary of the "Under-Contract" Process:
Once you accept a Buyer’s offer (or your counter-offer is accepted by the Buyer) your home is then “Under Contract" (in-Escrow). Although under contract, we still have much work to do to ensure a successful closing. Many of these steps will have strict deadline dates applied, and if not completed properly and on time, could cause forfeiture of the contract and loss
Acceptance of the sale. You might also be liable for a penalty amount equal to the earnest money due to the Buyer. Just remember, we are your guide throughout this entire process.
This is the date that the seller or the buyer accepts the offer, or last counter-offer, hereby placing the property under contract. Many dates throughout the transaction process may be based on the "Acceptance Date".
Earnest Money to be Deposited
The Buyer may turn in Earnest Money with their offer, but more often the Earnest Money will be due within "3 calendar days upon acceptance" as stated in the Real Estate Purchase Contract (REPC). The Earnest Money is normally deposited with the Buyer's real estate brokerage to be held in a real estate trust account until closing.
Providing the Seller's Disclosures
This is the process where you as the Seller are required to provide to the Buyer information relating to your home. Below is the list of items you will need to provide. A well prepared Listing Agent would have these items completed priot to your home being listed For Sale on the MLS and uploaded for the Buyers Agent to presnet to the potential buyer.
Buyer's Due Diligence (Evaluations and Inspections)
This is the time period provided to the Buyer to learn, review, and inspect your property, and decide if the condition is acceptable. This is usually completed within 15 days from the Contract Acceptance Date.
Buyer's Right to Cancel or Resolve Objections
If the Buyer determines from his Evaluations and Inspections that the property's physical, title, or legal conditions are unacceptable, the Buyer may:
Financing, Appraisal and Any Remaining Contingencies
In the final steps of the transaction we will coordinate and complete any remaining details. This is the Buyers last deadline to cancel the contract (based only on financing/appraisal issues) and get their earnest money deposit back. This is usually completed within about 30 days from the Contract Acceptance Date.
Settlement (Closing)
You can complete your side of Settlement from your home state. The documents can be FedEx or Email. We help coordinate these details with the title company. In Florida all closings are performed by Real Estate Attorneys or title companies. Settlement, and then Closing shall take place only when all of the following occur:
This is the date that the seller or the buyer accepts the offer, or last counter-offer, hereby placing the property under contract. Many dates throughout the transaction process may be based on the "Acceptance Date".
Earnest Money to be Deposited
The Buyer may turn in Earnest Money with their offer, but more often the Earnest Money will be due within "3 calendar days upon acceptance" as stated in the Real Estate Purchase Contract (REPC). The Earnest Money is normally deposited with the Buyer's real estate brokerage to be held in a real estate trust account until closing.
Providing the Seller's Disclosures
This is the process where you as the Seller are required to provide to the Buyer information relating to your home. Below is the list of items you will need to provide. A well prepared Listing Agent would have these items completed priot to your home being listed For Sale on the MLS and uploaded for the Buyers Agent to presnet to the potential buyer.
- Seller Property Condition Disclosure - filled out forms, signed and dated from Seller.
- Commitment for the policy of Title Insurance, showing any known easements, encroachments and liens.
- HOA information, budget, minutes, assessments and survey. .
- Copy of any leases, rental, and property management affecting the property not expiring prior to closing.
- Notice of any claims and/or conditions relating to environmental problems & building or zoning code violations.
Buyer's Due Diligence (Evaluations and Inspections)
This is the time period provided to the Buyer to learn, review, and inspect your property, and decide if the condition is acceptable. This is usually completed within 15 days from the Contract Acceptance Date.
- The Buyer will carefully review all items provided in the Seller's Disclosures.
- The Buyer may schedule physical condition inspections, tests and evaluations of the property.
- The Buyer will review the costs, terms and availability of homeowner's insurance for the property.
Buyer's Right to Cancel or Resolve Objections
If the Buyer determines from his Evaluations and Inspections that the property's physical, title, or legal conditions are unacceptable, the Buyer may:
- No later than the Due Diligence Deadline, cancel the contract by written notice to Seller.
- Or no later than the Due Diligence Deadline, resolve in writing any objections.
Financing, Appraisal and Any Remaining Contingencies
In the final steps of the transaction we will coordinate and complete any remaining details. This is the Buyers last deadline to cancel the contract (based only on financing/appraisal issues) and get their earnest money deposit back. This is usually completed within about 30 days from the Contract Acceptance Date.
- Is the sale contingent upon an appraisal?
- At what amount did the property appraise?
- How is the Buyer's financing going? Are they fully approved to close from underwriting?
- Are there any last minute issues for securing their mortgage?
- Was the sale contingent upon the Buyer selling their previous home?
- Final pre-settlement walk-through inspection.
Settlement (Closing)
You can complete your side of Settlement from your home state. The documents can be FedEx or Email. We help coordinate these details with the title company. In Florida all closings are performed by Real Estate Attorneys or title companies. Settlement, and then Closing shall take place only when all of the following occur:
- Buyer and Seller have signed all documents required by REPC, Title, Lender, etc.
- Any monies required to be paid have been delivered by Buyer and/or Seller.
- The proceeds of the new loan have been "funded", then all closing docs are "recorded" at the County Recorder.
- Hand off keys, garage door openers, manuals, warranties.
- Help you to find a new home in this area or offer relocation assistance.