Purchase Contract, Due Diligence and Closing

You have just accepted an offer for your home, the contract is signed by you and the buyer and you have received the due diligence and earnest money. You may think you are ready for the closing, but there are a few more and some important things to remember during the contract period.

The property must be kept in the same condition as viewed by the buyer when the contract was formed unless otherwise agreed upon. Your Agent should provide a seller's home warranty for you in case something happens during the contract period such as appliance or HVAC failure.

Fixtures (anything nailed, screwed, glued or otherwise permanently affixed to the property) must remain unless specified in the contract. Your Agent will be able to identify those items when gathering listing information!

Your agent will send your contract to your closing attorney, they will prepare the deed for the buyer, arrange for payoff of any outstanding mortgages, HOA fees, taxes and other documentation as needed. Your Agent can make professional recommendations if you do not have a preferred attorney.

The Buyer will be performing Due Diligence, which may include inspections such as:
• Home
• Appraisal
• Wood Destroying Insect
• Water Quality
• Septic
• Radon
• Or any other area of concern
Your Agent will coordinate with you and the Buyers Agent for these inspections.

The Buyer may attempt to renegotiate the contract based on their findings. Fear not! Your Agent will coordinate with you on those negotiations and every situation is different. You may or may not choose to renegotiate and the buyer may have to decide if they are willing to lose their Due Diligence and/or Earnest Money to terminate the contract!

Now the Buyers loan will be finalized (if they have one), you will sign the Deed and any other seller documentation needed with your attorney, and you will receive a final closing disclosure (a document that itemizes the closing costs including loans, taxes, association dues et cetera) to review, and the day before/morning of closing the Buyer will have a final walk through of the property with their agent!

On Closing Day, after all the paperwork is signed with their attorney, they will record the new deed and you will receive payment!