Thinking about selling your home? If you’re like most people, selling your home can be an emotional experience. Your home is the place where memories are made, and it can be hard to leave. I understand how tough this can be! Knowing what to expect makes the process easier. Let my seller’s tips smooth out the wrinkles in your transaction.
Important Elements of a Purchase Contract
Know Your Contract:
- Occupancy date – Date the buyers would like to move in. Make sure you allow time between the close and occupancy date to move.
- Contingencies – Typically the inspection, loan, and appraisal contingencies are removed in 17 days. Make sure time limits are set so the transaction will not drag on and tie up the property. A home sale contingency may push back the other contingency removals.
The Finishing Details
What Happens After You’ve Signed the Sales Contract, but Before Closing:
- Inspection – Under the sales contract, the buyer can order request several inspections at the Seller’s expense including:
- Termite inspection
- Roof inspection
- Septic inspection
- Well inspection
- Home inspection
Tips for a Smooth Transaction:
- Make repairs as agreed in the contract so the buyer can make a final inspection before closing.
- Notify your lender that you will be paying off your mortgage and ask for a statement of the remaining balance.
- Gather all warranties and instruction books for your home’s appliances and systems to give to buyer at closing.
- Once closing has been scheduled, notify utility, telephone, water, trash and other services to advise them of your final billing date.
- Get a copy of the settlement statement from the title company prior to the closing date. Review it and question anything you don’t understand. Pay special attention to the amount of “Cash due to the Seller.”