Whether you are relocating, moving to accommodate a growing family or simplifying life for retirement, selling your home involves a complex settlement process that takes careful planning.
Reviewing the Buyer’s Purchase Offer
Once an offer is made, the real estate professional will review the offer with the seller and help prepare a response to that offer.
Presenting the Purchase Offer Response
The seller may accept, counter or reject the purchase offer. This process may take anywhere from a few days to a few weeks, depending on the time deadlines specified in the response to the parties’ submissions.
Escrow is opened, and the buyer’s earnest money is deposited. The escrow company will handle all funds associated with the transaction.
Entering the Contingency Period
This time period is specified in the purchase agreement. During this time, the buyer works to satisfy contingencies to the purchase agreement, such as obtaining a property inspection and an appraisal. The seller will work with the real estate professional to ensure that all of the transaction documents are completed and provided to the buyer for review. Transaction documents may include:
- Real estate transfer disclosure statement
- Physical inspection of property
- Property pest inspection
- Other disclosure forms
When all conditions of the purchase agreement have been satisfied, the seller will execute all the required closing and transfer documents. The transaction is completed when the buyer’s lender funds the loan, the transaction documents are recorded with the county and the existing mortgage on the home is paid of