A. Once we have a purchase agreement signed by both buyer and seller, the property is considered PENDING!
B. The five major steps that occur during this period typically include the buyer’s inspection, the appraisal, the title work, the transfer of utilities, and the final walk through.
- The buyer’s inspection will be completed in a specified time period (typically 7-10 days). If done by anyone other than a professional home inspector, the buyer’s agent will be present. It is recommended that the seller not be present during this time. The seller should have water, heat, all plumbing, etc. in working order (unless specified otherwise in the disclosure). The attic should be easily accessible (remove items blocking the opening and make sure the attic scuttle is not painted or screwed shut.) Be sure all buildings are accessible. This appointment may take up to 3 hours. During the inspection contingency period, buyer’s still have the opportunity to negotiate or cancel the purchase agreement.
- The appraisal will be ordered by the buyer’s lender usually shortly after the inspection has been completed. Once again, the attic scuttle needs to be accessible and all water, heat, and electricity should be functioning. Typically it is best if the seller is not present. This appointment typically takes no more than 30-45 minutes. It typically takes at least 1-2 weeks before we will receive results.
- The title work will begin once the buyer’s inspection period is over. Title work involves researching the ownership, transfer and liens recorded against the property. This is usually completed shortly before closing.
- The transfer of utilities should be initiated by the seller as soon as a clear to close has been issued and a closing date has been set.
- The final walk through is generally conducted by the buyer accompanied by his/her agent the day before or the day of closing. We highly recommend the seller is not present, but is as much as possible, moved out of the property. The seller is reminded that all debris and personal property needs to be removed prior to going to sign papers at the closing unless otherwise agreed to in writing with the buyer.
C. Sellers need to bring photo I.D.(driver’s license) to closing and any extra keys and garage door openers not left at the house.
