Buying a home is an exciting and sometimes stressful process. When a contract is accepted it puts in motion a number of steps that protect you the buyer and help ensure a successful transaction. As a cash buyer there are specific steps that come into play as well as the standard steps for any home buying experience. As always Team Reith is ready to help you every step of the way. An understanding of the steps will help prepare you for the process and make for a smooth experience.
So give yourself a celebratory pat on the back when you see these words:
CONGRATULATIONS! YOU’RE UNDER CONTRACT ON YOUR NEW HOME!
But know this is the beginning of a process.
Here’s what a Cash Buyer should expect next:
Offer Accepted!
The moment the Seller signs the contract it is considered an Executed Contract. Once the contract is executed, we will send it back to you both through Dotloop and in a PDF file. Time to start a file for your home purchase if you haven’t already and put all of these executed documents in it as they come in. We will send the contract the title company immediately upon contract execution. From this point forward, you will be placed in Marijean’s “department” for most contract related items. Although Bryan will handle all things related to the home inspection/repairs. Marijean can be reached directly by phone or text at the Team Reith 2 line, 813-419-8304 for all contract related issues. Bryan’s contact # is our main Team Reith number and our email is the same for both of us.
List of Recommended Vendors for all Services
You can use our list of our preferred vendors for just about any service you could need. We do not receive any financial gain for recommending these vendors, they are business owners that we know through our Chamber of Commerce and community connections, whom we have either worked with or who come highly recommended by our colleagues. These businesses can be trusted to do a great job for our valued clients. In most cases we have more than one per category listed and we encourage you to get a quote from each one. They are listed in our personal preferential order. We are always happy to contact any of them for you to have them call you. Think of us as your Project Managers, we can make any arrangements on your behalf upon your request.
Earnest Money Deposit
You’ll need to plan to take care of your earnest money deposit by a specific date and time that we share with you. Earnest deposits can be handled dropping off a check at the title company or by wiring the funds directly to the title company. The title company is selected by the seller because the Seller pays for the Owners Title Policy required on all real estate transactions.
If wiring funds, you will need to call the title company to receive the wiring instructions from them or to verbally confirm the instructions that you have already received from them by email just prior to initiating the wire to confirm the account numbers given by them. This is to assure that there has been no fraudulent interception of the wiring instructions message. You will NEVER receive wiring instructions directly from us or any real estate agent due to security risks. Instructions must come directly from the title company. When you pay your escrow deposit, reference and confirm your NEW PROPERTY ADDRESS.
Home Inspection
It is not mandatory to have a home inspected prior to purchase, but it is HIGHLY ENCOURAGED! Your Florida AS-IS contract you will specify the deadline to have the home inspected. During that time you can be released from the contract with a full refund of your earnest money deposit for any reason. The seller is under no obligation to repair anything found in the inspection, however, in most cases, reasonable requests, especially those involving safety can be negotiated.
We will gladly contact the home inspection company for you and get your home inspection scheduled. Refer to the preferred vendor list to select the company of your choice, unless you already have one in mind to use. You are encouraged to attend the inspection, but it is not required. We always attend our client’s home inspections, so if you cannot make it, we will represent you in your absence. Bryan takes the lead on all inspection tasks. If you have not instructed us yet as to your plans for the inspection, he will be in contact with you immediately to discuss your options.
Home Owners Insurance
It is not a requirement to have a home owner’s policy on your home if you are purchasing your home with cash, but highly recommended. We encourage you to compare policies and not just go for the lowest price, but the best coverage for the best price. It is a good idea to use an agent who can offer several different insurance company options to you through one agency. We have a few agencies that we work with on a regular basis who can send quotes to you if you would like. Again, refer to the Preferred Vendor List. Please check to see if your home requires flood insurance.
Utilities & HOA
Marijean will send you information for setting up your utilities and accessing your HOA portal one week prior to closing. Utilities will need to be transferred from the Seller to you on the day after closing (the day of closing belongs to the Seller). Contacting utilities and/or HOA too early can cause unnecessary confusion. One week out is the earliest this should be done and can be done with just a few days’ notice.
Closing date
Be sure to note the date and time of the closing. On a cash transaction, the title company Escrow Officer (“Closer”) will handle most of the details involved in your transaction. Be sure to inform the Closer if you will not be in town for closing so that the appropriate arrangements can be made.
Steps that the Closer will follow to get your transaction to closing
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- Title and lien search to be performed on the property.
- Title Commitment sent to agent for review. You will be notified of any issues found.
- Survey to be ordered if needed. The agents will notify title if there is already a valid survey of the property on file. If not, the expense belongs to the Buyer.
- Once they have cleared all aspects required to close, they will prepare the final closing statement with a breakdown of all costs associated with your purchase.
- A copy of the final Settlement Statement will be sent for you to review along with your final “cash to close” amount and wire instructions. Be sure to wire these funds at least one day prior to closing. Be advised that they cannot accept cashier’s checks for closing funds.
- They will schedule a time for you to sign closing documents! On the day of closing, be sure all parties bring a valid driver’s license or other photo ID. Everyone on title MUST sign closing documents (unless signing with a pre-approved Power of Attorney).
- Once all funds are received and documents are signed, you are officially a homeowner! Title will provide you with a copy package at closing. Your Warranty Deed will be recorded in county public records and then mailed to you within two weeks. Be sure to keep this with your package and store in a safe place!
