An accepted offer is when you have a fully executed binder with an agreed to purchase price, a 1% deposit check and a prequalification letter from the buyers’ mortgage company. At this time, you should call your real estate attorney to initiate the sale. The following events will then take place:
- The buyers will conduct inspections at their expense within 7-10 days of the executed binder. The inspections can include the condition of the home, evidence of termites, condition of the well and/or septic system, radon level, the pool and oil tank if applicable.
- If items are noted by an inspector that need to be resolved, the buyer agent will discuss them with your AFA realtor who in turn will recommend a strategy to negotiate the items.
- The inspection takes approximately three hours. As a courtesy to the buyers, you should not be present during the inspection.
- While inspections are being completed, your attorney will draft a contract and send it to the buyers’ attorney.
- Within 10 days, after inspection items have been resolved, you will sign a contract and the buyer will pay the balance of the deposit, typically 10% of the purchase price, into your attorney’s escrow account.
- Most buyers require a mortgage to purchase a home and have a mortgage contingency in their contract.
- The buyer will be required to provide information to the mortgage company to qualify for the loan and the bank will send a licensed appraiser to your home to assess the market value.
- Your AFA realtor will coordinate the appraiser’s visit, typically within 3 weeks after signing contracts.
Getting Ready to Move
- Once the mortgage contingency is fulfilled, there will be details for you to attend to including scheduling a mover and switching over utilities.
- Please refer to our Closing Checklist.
- The closing is typically scheduled by your attorney and held at his/her office.
- The buyers and their realtor will conduct a walk-through the morning of the closing to ensure the home is in the same condition as when it bindered. The home should be clean and cleared of all personal belongings.
- If repairs were made as a result of the inspections, provide your attorney with the receipts for the work done.
- All keys and remote openers to the home should be given to your attorney.
- All warranties and appliance instruction booklets should be left for the new home owners.