My Property is Under Contract, Now What?

Have NO FEAR, I will guide you through the Entire Process!

Once your property is under contract, I will send you a timeline that we use to guide you all the way to the closing table. What does this timeline consist of? Let’s look:

·       Effective Date

o   Your Effective Date is the date that all parties have fully signed the contract. This means that the contract is now considered “fully executed” and ready to be sent to the title company. The effective date is so important because it becomes the sole date that all the other timelines are based on. Once we have an executed agreement, I will forward the contract to the title company, and they will send you a welcome email. It is very important for you to look for their communication, as they will be asking you for more information about how your funds should be disbursed at closing.

·       Escrow Date

o   What is an escrow? It refers to an Earnest Monies Deposit that is made by the buyer to the title office and remains on hold as a promise to abide by the contract terms and conditions. Title will keep the receipt of this deposit on record and apply it as a credit to the balance of the sale. This deposit is contingent upon the terms outlined in the contract. For instance, if the contract allows only 10 days for the buyer to perform an inspection on the property to receive their deposit back if they change their mind, then they will risk losing their escrow if they decide to cancel their contract on the 11^th day.

·       Important Loan Dates

o   The buyers have obligations to meet their loan dates to maintain the purchase of your property when using a loan. This will include loan applications, loan approval, and additional escrows that both parties may have agreed on, the sale of their current property, etc.). I will stay in direct contact with the buyer’s agent and the title company to ensure that these dates are met.

·       Inspection Dates

o   In a standard Florida contract, the buyer has up to 10 days to perform an inspection, unless otherwise decided by both parties. During this period, the buyer’s agent will inform me of when to expect the inspector and I will give you at least 24 hours’ notice. When the inspector comes, it is suspected that you plan to leave the home for a few hours (along with any pets or prepare to have them kenneled). Either the buyer’s agent or I will typically be present for this inspection to be available if there are any questions or assistance needed. Once the inspection is completed, the buyer’s agent will forward the inspection and decide if they are requesting any repairs, if needed. As your agent, I will be sure to have your best interest in mind as I will help you to navigate those decisions.

In addition to an inspection, there may be a property survey conducted. This is usually performed without any notice, so don’t be alarmed if you see someone taking boundary measurements around the property.

The buyer’s lender may even order an appraisal. I will give you plenty of notice if this happens with your sale, as the appraiser will need to come inside. Again, you will need to be sure everything is top notch and clean. We want the appraiser to think your property looks like the dollars it is worth!

·       Title Commitment Date

o   Toward the finale of the sale, the title company will send over a title document that will disclose information such as liens, defects or obligations that affect the sale of your property. It is important to me to gather this type of information up front in a consultation at the beginning of listing your property so we can try to avoid these hiccups during the sale. Read through my blog about property contingencies to see what other things you should consider before we finalize the sale.

·       Closing Date

o   Can you believe we made it?? I sure can! Closing day is such an exciting time for both parties, and as you are selling your property, I can fully understand the changes that are ahead of you. The day before closing, the buyers and their agent will come in to do a “walk through” of the property. This is one last final check that everything is in order and ready for them. You will want to treat this like a showing! That means not only will you need to have all your personal belongings removed beforehand, but you’ll also need to have the property deep cleaned and presentable for the new owners. This is also an important day to schedule for all your mail to be forwarded to your new address, and to schedule for all utilities to be turned off the next business day after closing.

As your realtor, I don’t expect you to remember all this information as it can feel like a lot, especially when you’re in the process of moving yourself. But I will be there to guide you through each step and ensure you don’t miss any details along the way.

For a complimentary consultation, contact me at (321) 794-4817