CONGRATULATIONS! YOUR HOME SALE IS UNDER CONTRACT. WHAT’S NEXT…
STEP BY STEP GUIDE FOR HOME SELLERS ONCE UNDER CONTRACT
Contract Effective Date:
Your contract is effective the date it is signed.
Inspection Period Deadline:
Your buyer will have the right to cancel the contract without penalty until this date. They have the right to conduct any inspection they wish to do, at their expense, during this time period. Sellers need to be accommodating to allow them access the property, accompanied by their agent, during their requested inspection appointment. Plan to be out of your house for approximately 2 hours. THE HOUSE MUST LOOK AS IT DID THE DAY THE BUYER VIEWED IT! DO NOT BEGIN THE TEARING DOWN AND MOVING PROCESS UNTIL AFTER THE INSPECTION PERIOD HAS LAPSED!
Repair Requests:
The buyer may request that you repair items found by the licensed home inspector. Team Reith will handle all repair request negotiations for you and will only accommodate repairs that make sense, such as safety issues or something that if not agreed upon could cause the buyer to walk from the purchase. We will keep you informed of their requests and will advise you accordingly.
Buyer’s Earnest Money Deposit Deadline:
We will let you know when earnest money is received.
Your Title Company/Closer:
As the seller you select and pay for the Title company. If you have a title company that you would like to use, please let us know. If you do not have a preferred title company, we can offer you three choices of those which we work with on a regular basis for you to select from. A title search will be done on the property and any “clouds” on the title will be addressed. Additional documentation may be needed to successfully do this.
Seller’s Information Required by Title Company
Your title closing team will contact you by email within 24 hours of receiving your contract (weekdays only). You will be asked to provide information necessary for them to close the transaction. Please provide the information to them in a timely matter by their deadline.
Prior Property Survey
If you have a previous survey from when you purchased the property and you have NOT made any changes to the exterior of the property such as a fence, swimming pool, built out lanai etc., we ask that you locate a copy and send it to us.
Owner’s Policy if you purchased the home LESS THAN 3 years ago
If applicable, please locate Schedule A and Schedule B of your Owner’s Policy in your title company documents from your home purchase and scan them, then email them to us.
Buyer’s Appraisal
If your buyer is purchasing with a loan, their lender will order an appraisal to be done on the property. This usually occurs about 2 weeks into the transaction. Team Reith will attend the appraisal inspection and will accommodate your schedule needs. Appraisals take less than an hour and you will need to be out of the house for that appointment as well. The house needs to remain as close to its “showing ready” condition as possible. We realize that packing needs to be done, so some boxes out and about is acceptable. The value determined by the Appraiser can make or break the deal, so it is important that the Appraiser see the property at its best. A low appraisal can cost you!
Moving Day & Buyer’s Final Walk Through
It is best if you can schedule your moving day at least a few days prior to closing. This allows time for you to clean the house after the move and leave it in good condition for its new owner. It is only required that the house be “broom swept” and have been maintained since the buyer signed the contract however, Team Reith strives for excellence and positive experiences for both buyers and sellers. We highly recommend that you do the following, at a minimum, to provide your buyer with a positive walk-through experience on closing day:
- Bathrooms cleaned thoroughly: Including toilets, shower/tub, sinks, mirrors, and counter tops
- Kitchen cleaned thoroughly: including inside & outside of refrigerator and cabinets. Glass stovetops shined and free of pan/burn marks, sink cleaned and shined, garbage disposal empty and smelling fresh, pantry EMPTY, free of food crumbs and swept, and backsplash wiped clean.
- Floors Cleaned: ALL interior floors swept, vacuumed and/or mopped. No need to have carpets professionally cleaned unless required as terms of the contract.
- Holes Filled: Holes in walls from pictures, artwork, shelving and TV mounts to be filled in. If you have the DEFINITE MATCHING PAINT, they should be painted over. If the paint doesn’t match exactly, you are better to just leave it filled only. TV mounts can be left for the buyer, but we would need to ask them first. Most of the time they are thrilled to be able to keep them.
- Fresh AC Filter: Change AC filter upon leaving
- Garage, lanai, patio floors broom swept
- Cut Lawn: Lawn should be cut within 2 days of closing as needed
- Remove Unwanted Items: Do not leave things behind for the buyers without asking us whether they’d want them.
- Remove Trash: All garbage cans/waste baskets emptied, and remaining trash taken to the curb for pick up
- Leave Paperwork: Leave all paperwork pertaining to household appliances or home warranty in a kitchen drawer
Utilities Shut Off:
Technically the day of closing belongs to the buyer, so most buyers will have been informed by their agents to start utilities on closing day. However, we suggest setting shut off for the day after closing just to be kind to the buyer and make their transition easier. Many cities require a closing statement to start water service, meaning that the buyer must physically take the closing documents into the office to verify prior to start up.
We will provide suggested stop service dates for electric and water.
Your Closing (Signing):
A seller signing is very simple as compared to a buyer’s. Sellers can arrange to sign their documents a few days prior to the closing date if preferred. Your title closing team will notify you when the file is ready to have you sign. Signing will take place at the title office indicated above and Bryan and Marijean will gladly attend your closing with you. Once the buyer has completed their walk through you should plan to be out of the house permanently. Bring all keys and garage door openers with you to your signing appointment.
Mail Away Closing are An Option If You’ve Already Moved
If you have already moved by the time that closing occurs, a mail away closing will need to be scheduled in your new location. There is a fee for this service, and it will be arranged by your title closing team. A Notary will be set up to meet you at your preferred location anywhere in the US.
The estimated proceeds from your sale
You will receive estimated proceeds from your sale. This is the approximate amount that you should receive after paying off your mortgage, paying all closing fees and taxes and agent commissions. Quite often refunds from your insurance company will be mailed to you by check within a week of closing.
Bring your account information with you to closing for the account that you want them to wire your proceeds to upon funding. The wire will occur the day of closing or the following morning, unless funding occurs after 3pm on a Friday, which would cause your wire to be received Monday morning.
That’s it! Congratulations Your House is SOLD!
A Note from Bryan and Marijean:
As always, it has been our honor and pleasure to escort you through this journey! We hope to have the opportunity to work with you again! If your endeavors are taking you away from Florida, we wish you the very best life has to offer and blessings always! We hope that you will refer your Florida friends and family to us with any real estate needs they may have!
Bryan & Marijean
Team Reith-813-426-2757
