When you and a buyer settle on a contract, you’re
entitled to a share of any deposit money made by the buyer. That’s
your guarantee that the buyer intends to make the purchase.
Hopefully, though, the sales process will proceed through the
appropriate stages. The brokers will help the buyer arrange necessary
financing while you address all contingencies. More participants
will enter the sales process at this point, such as housing, septic
and termite inspectors, appraisers, title companies and attorneys.
Mortgage acceptance usually requires between one and two months,
so there’s a bit of down time before all the documents and
certificates are in order. In case the buyer’s financing
falls through, you’ll want to keep the home in good condition
for future showings.
Upon approval of financing, your broker and the buyer’s
broker will arrange a settlement date. You have a voice in when
this will be, as does the buyer. Your broker will help you get
necessary documents in order, as well as assistance in transferring
utility accounts. Once a settlement date is approved, you can safely
begin the process of moving.
You’ll want to make your move as simple as possible. Get
rid of anything you don’t want or need to move. (A garage
sale is a good way of doing this.) Don’t forget about your
food, which you would probably not want to take along with you,
especially if your move is a long one, and begin trying to use
the items you have stored in your freezer and pantry.
Collect pertinent records for yourself and your family too. A
checklist for this chore might include insurance documents that
will protect you and your property during a move (check with your
insurance company to ensure you’re covered in the period
between residences), school and medical records, and any family
documents that are important to you, like birth certificates, wedding
certificates, and baptismal records.
Unless otherwise provided for, the buyer will take possession
of the property at settlement, so make plans to clean and vacate
the house a day before settlement. This is also likely the day
the buyer will make a final inspection. During this walk-through,
the buyer will check that the property is in the condition specified
by the contract. Expect them to try all of the home’s lights,
plumbing, appliances, furnace and air conditioner, sink disposal,
and water heater. Knowing this, it’s a good idea for you
to test all of these things before the buyer arrives. To prevent
any hold-ups at settlement, correct any deficiencies before the
buyer has a chance to learn of them.
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