An accepted offer is when you have a fully executed binder with an agreed to purchase price, a 1% deposit check and a prequalification letter from the buyers’ mortgage company. At this time, you should call your real estate attorney to initiate the sale. The following events will then take place:
Home Inspections
The buyers will conduct inspections at their expense within 7-10 days of the executed binder. The inspections can include the condition of the home, evidence of termites, condition of the well and/or septic system, radon level, the pool and oil tank if applicable.
If items are noted by an inspector that need to be resolved, the buyer agent will discuss them with your AFA realtor who in turn will recommend a strategy to negotiate the items.
The inspection takes approximately three hours. As a courtesy to the buyers, you should not be present during the inspection.
Contracts
While inspections are being completed, your attorney will draft a contract and send it to the buyers’ attorney.
Within 10 days, after inspection items have been resolved, you will sign a contract and the buyer will pay the balance of the deposit, typically 10% of the purchase price, into your attorney’s escrow account.
Mortgage Contingency
Most buyers require a mortgage to purchase a home and have a mortgage contingency in their contract.
The buyer will be required to provide information to the mortgage company to qualify for the loan and the bank will send a licensed appraiser to your home to assess the market value.
Your AFA realtor will coordinate the appraiser’s visit, typically within 3 weeks after signing contracts.
Getting Ready to Move
Once the mortgage contingency is fulfilled, there will be details for you to attend to including scheduling a mover and switching over utilities.
Please refer to our Closing Checklist.
Closing
The closing is typically scheduled by your attorney and held at his/her office.
The buyers and their realtor will conduct a walk-through the morning of the closing to ensure the home is in the same condition as when it bindered. The home should be clean and cleared of all personal belongings.
If repairs were made as a result of the inspections, provide your attorney with the receipts for the work done.
All keys and remote openers to the home should be given to your attorney.
All warranties and appliance instruction booklets should be left for the new home owners.
