After the accepted offer celebration dust settles, the question arrises...now what?
This time between the accepted contract and closing is referred to as the contract-to-close period of the transaction.
Buying Side
On the buying side, your good faith money will be deposited into the appropriate broker's escrow account (according to what was written in the contract), and I will forward the contract to your lender to begin the next part of their process.
It is best to schedule the inspection as soon as possible. You are able to choose the inspector you wish to use, and they will work with your schedule, theirs, and the seller's (to make sure the seller is not present). Payment for the inspection occurs on the front-end. You can go for the entire inspection or for the last part to review what the inspector has found. It is important for you to be present for at least some of the inspection, and in most instances, it's fine to go near the end.
Once the inspection report is received, I will review it with you, and we will write up the repair request.
After the repairs have been negotiated, the appraisal will be ordered by the lender. The underwriting department at the lender will review your file and the appraisal report. After the loan is approved by the lender, a clear-to-close will be issued, which means that everything is ready to go to the closing table.
Once a closing date has been confirmed, you can contact the utility companies to transfer services out of your name at your current residence and into your name at the new residence. In addition, you will want to coordinate your mail. Don't forget your change of address for credit cards, driver's license (if moving counties), new checks, and any emergency contact information.
For closing, you will need a form of identification (driver's license or ID card) and a hand ready to sign.
Selling Side
As a seller, you will want to make sure your house is ready for inspection by ensuring that the inspector has clear paths to the heating and air conditioning units, hot water heater, and attic. You are not to be present during any part of the inspection.
Once the repair request is sent, we will work to negotiate accordingly. After it is completed, you will work to schedule all of the appropriate repairs.
Similar to the buyer, you will want to contact the utility companies to coordinate the transfer of the utilities out of your name once you know the day of closing.
The buyer will do a final walk-through to make sure that all agreed-upon repairs have been completed, and there hasn't been a change in the property. When the buyer takes possession of the property after closing, it must be in broom-swept condition, meaning that all belongings have to be removed.
For closing, you will want to bring your driver's license and all keys to the property (including garage door openers).
Please let me know of any real estate questions or needs you have.
Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582
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