As your REALTOR®, I will screen buyers financially for pre-approval letters and present all offers to you as soon as possible. Together we will discuss the details of the purchase offer in order for you to respond accordingly. A few of the items we will look at in particular will be the price, earnest money, closing date, financing and contingencies, if any.
For a nominal fee the seller will grant the buyer an unrestricted right to terminate the contract within an agreed upon period of time. The usual time for an option period is 7-10 days, but may require more time if the property requires more than a standard property inspection. During this period of time a buyer will perform their due diligence and negotiate repairs, price adjustments or decide not to move forward. If the buyer decides to terminate the contract the earnest money will be refunded in full.
All real estate documents are sent to the Title Company and the buyer’s lender. The Title Company will perform a title search to determine legal ownership and investigate all recorded documents relating to the property to confirm it as “good and marketable.” They will order the survey and handle all the paperwork required to close the transaction.
On the day of closing the buyer usually closes first with the seller to follow at some point afterwards. After the seller has signed their documents, seller will then execute and deliver a deed conveying title to the buyer. Under normal circumstances, closing and funding occurs a few hours after all parties have completed their documents.
A buyer may possess the property upon closing and funding or according to a temporary residential lease required by both parties. Possession will be a matter governed by the contract.
The above process is a general overview of a real estate transaction