First, Understand the Contract You Accepted

Once the parties have executed the contract, sellers should understand the important dates, obligations and provisions that apply to the transaction.

Depending on the contract, these can include deadlines involving earnest money, option periods, financing, appraisal, title and closing.

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The Buyer May Conduct a Professional Home Inspection

After going under contract, a buyer may arrange for a professional inspection according to the terms of the contract.

The inspection can identify observable conditions involving the property and its systems.

Depending on the findings and contractual rights of the parties, additional questions or negotiations may follow.

Inspection and Repair Negotiations May Occur

An inspection report may contain many observations, but that does not necessarily mean every item will become part of a negotiation.

If the buyer raises concerns, sellers should evaluate the actual request in the context of the property, the contract and the complete transaction.

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Pre-Listing Preparation Can Reduce Surprises

The Buyer's Financing Continues After Contract Acceptance

If the buyer is financing the purchase, the lender's work continues after the contract is accepted.

The buyer may need to provide additional financial documentation and satisfy lender requirements before the loan can be approved for closing.

Sellers should understand that a preapproval is an important starting point, but it is not the same as final loan approval.

The Property May Need an Appraisal

When financing requires an appraisal, an appraiser may evaluate the property as part of the lender's underwriting process.

The appraisal and purchase contract serve different purposes. The appraisal is generally used by the lender in evaluating the property for the proposed loan.

If an appraisal-related issue arises, the appropriate response depends on the contract, financing and circumstances of the transaction.

Title Work Moves Forward

The title company plays an important role in preparing the transaction for closing.

Title-related work may involve reviewing ownership records, identifying applicable requirements and preparing documents necessary for the transfer of the property.

If a title issue is identified, it may need to be addressed before closing can occur.

Insurance Can Be Part of the Buyer's Process

A financed buyer may need to arrange appropriate property insurance as part of the lender's requirements.

Insurance questions should be addressed early enough that they do not become a last-minute obstacle to closing.

Contract Deadlines Need Active Management

Real estate contracts contain dates and deadlines that can affect the rights and obligations of the parties.

Sellers should not assume that every participant in the transaction is independently tracking every requirement.

Contract-to-close management can involve coordination among:

• Seller
• Buyer
• Listing agent
• Buyer's agent
• Lender
• Title company
• Inspectors
• Appraiser
• Contractors or other professionals when needed

Clear communication among these parties can help identify potential issues before they become urgent.

Do Not Stop Maintaining the Property

A home that is under contract still needs to be maintained through closing.

Sellers should continue normal property care and address any new issues that arise appropriately.

The condition of the home at closing should be consistent with the seller's contractual obligations.

Agreed Repairs Need to Be Completed Properly

If the parties agree that the seller will complete repairs or other work, those obligations should be handled according to the contract.

Documentation may also be important depending on the work and agreement between the parties.

Prepare for the Move Before Closing Week

Sellers should avoid leaving every moving decision until the final days before closing.

Planning for packing, movers, utilities, property access and other logistics earlier can reduce pressure as the closing date approaches.

What If a Problem Develops Before Closing?

Not every transaction moves from contract to closing without questions or complications.

Issues can arise involving inspections, financing, appraisal, title, insurance, repairs or other contractual requirements.

The appropriate response depends on the specific issue and the terms of the transaction.

The objective is to identify the problem quickly, understand the available options and make an informed decision rather than allowing an unresolved issue to drift toward the closing date.

The Canals at Grand Park FAQs