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 OKay, I have a ratified contract, the house is mine. Right?
Yes and No! Several factors come into play with time being the most critical and a contracts worst enemy!
All parties involved must execute and perform all duties and obligations
as stated in the contract in a timely manner.
The transaction will more than likely go to closing, if all time controlled
obligations are met!
A contract can still be expected to settle even if some deadlines
are missed, such as home inspections and inspection repair request addendums.
If such tasks are not completed in a timely manner the buyer looses all rights pertaining to such inspections.
The seller can still demand that the buyers perform on the remaining contract contingencies and still go to closing.
I monitor all phases of the contract ensuring each step is followed by both parties and work feverishly on the buyers behalf
to ensure all facets pertaining to buyers obligations are met and the buyers
rights are adhered to under the terms of the contract!
What can be expected of a normal contract:
- Lending Pre approval is obtained.(We like to have this done prior
to writing an offer as it strengthens the offer.
- Such is also critical to having a chance of acceptance if several
other offers are received and we go into an multiple offer situation.)
- Hoa (if any) documents are received, reviewed and accepted.
- Written application for lending is completed, starting the
underwriting process. (We coordinate the entire contract process
with your lender)
- Home inspections as requested by buyer, are ordered and coordinated
by or through us.
- Contingencies placed against seller are met, documented and
removed.
- Contingencies placed against buyer are met, documented and
removed.
- Repair addendums are submitted. (If any)
- Negotiations on repair addendums (If any)
- Documentation on repairs are received and repair addendums
removed.
- Home to sell contingencies (if any) are removed.
- Title, escrow and closing services are ordered and coordinated
amongst all parties involved.
- Assure all facets of the contract are fulfilled prior to final
walk-through.
- Final walk-through of property to ensure conveying items are
in place and in working order. Property is left in an orderly,
broom clean fashion.
- Negotiate at closing, monies to be escrowed and held until
unresolved issues are addressed to all parties satisfaction if
necessary.
- Attend closing to assist as needed to complete in a
timely manner
*This is an example of the typical real estate transaction, this by no means is intended to address all real estate transactions.
As in most cases, similar as they may seem, each transaction may require less or additional documentation, contingencies, addendums or certain contract language to necessitate.*
Other items we help buyers in obtaining:
- Hazard (homeowners) Insurance
- Complete utilities information for ordering new service
activation upon day of closing.
- School, driving/vehicle licensing, and other
local information as needed
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