1. CONTRACT:
a. Signed by all parties
b. Contract is given to the Title Company
c. Escrow check is delivered to the Title Company
2. HOME INSPECTION:
a. The buyer always has the right to have the property inspected by a licensed home inspector.
b. Unless otherwise stated, the contract reads 15 calendar days. This is at the buyer’s cost.
c. Wind mitigation (roof). This is at a buyer’s cost.
d. 4-point inspection (electrical/roof). This is at the buyer’s cost.
e. Termite inspection - most of the time this will be done at the home inspection. This is at the buyer’s cost.
3. SURVEY:
The Title Company will order the survey upon loan approval. This is at the buyer’s cost, however, if the seller has a copy of a survey, they are contractually obligated to provide one within 5 days of going under contract.
4. APPRAISAL:
a. The lender will arrange for the property to be appraised to determine the value. This is at the buyer’s cost.
b. The appraiser will do a thorough inspection of the interior and exterior of the property.
c. The appraiser will also look at comparable properties that have sold in the area to determine value.
5. LOAN APPROVAL:
The RE/MAX in Paradise Team will receive the “clear to close” meaning the loan has been approved.
6. INSURANCE:
The buyer must pay one year in advance (don’t forget to cancel your policy AFTER closing).
7. CLOSING DATE:
a. Stated in the contract.
b. Closing time to be schedule by The RE/MAX in Paradise Team. Buyers / sellers schedule will be in consideration.
8. WALK-THROUGH:
a. One or two days prior to the closing.
b. The buyer’s agent will conduct the walk-through to verify all is the same as the day the buyers was shown the property.
CLOSING DAY!
1. Buyers - the title company and/or lender will give the buyers the final figure and wire instructions to wire funds to the title company (no more cashier’s checks will be accepted).
2. Sellers - bring photo ID, wiring instructions to receive proceeds into your bank account, and some patience.
a. Typically, the title company will schedule buyers to sign approximately 1 hour before the seller are to arrive.
3. Sellers turn over keys.
Thank you for a successful closing!
