We have an executed contract, what should we expect next?
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, the buyer will inspect your home immediately and we can close out the Option Period quickly. Before you make future plans wait and see what happens with the inspection and option period. This sometimes can be a total renegotiation of the contract. After the Buyer inspects the property terms for repairs and allowances are negotiated and we have made it to second base. I advise don’t consider this deal under contract until this has taken place.
The buyer’s agent will take care of the scheduling and property access for the inspection through CSS. After the Option Period is closed your property status is changed to Pending and all agent showing activity will cease.
If the home is financed you will get a showing request to authorize from the appraiser. Approve this showing and another hurdle will pass and we will be at third base.
We will 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 title company and ask for one. It is their job to provide this most accurate estimate.
When the money is in the bank you have made it to home base. We assist you with all these activities and situations that arise until you are out of your home.
Notice: This website contains general information about possible 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 legal services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional legal services provider.