Seller’s Guide to the Home Buying Process
- The Buyer’s agent will open escrow – that is, she will submit the contract and the Buyer’s earnest money to your escrow officer and also to the lender. At that point, the escrow officer will
- Generate a receipt of funds which will be deposited into an account
- Begin a title search (Title Commitment will be issued within 5 days)
- Issue documents to you via mail to initiate the escrow process
Days One thru Fourteen – The Inspection Period
The Buyer has an inspection period to investigate the property. Once this period ends, they cannot change their mind without risking their earnest money. However the loan and appraisal contingencies remain in place.
- Make sure you have delivered the Seller Property Disclosures and the Claims Loss Letter to your agent to be passed on to the Buyer along with any other pertinent disclosures you may have agreed to supply (surveys, reports, etc.)
- The Buyer’s agent will arrange for inspections of the property. The Buyer may or may not choose to be there with the home inspector. You must make your property available for all inspetions.
- Home Inspection
- Termite Inspection
- Other inspections (well, mold, roof, survey) as required or desired
- Preliminary Title Report
- Once the buyer has inspected the property, and before the end of the inspection period, they will generate a Buyers Inspection Notice and Sellers Response (BINSR). This allows them to accept or reject the property, or negotiate for repairs.
Days Fifteen thru Thirty
- The buyer’s lender will order an Appraisal of the home.
- Any Repairs that you and the Buyer have agreed to need to be made during this time. Turn all receipts in to your agent to be passed on to the Buyer.
- If applicable, the Septic Tank must be pumped, inspected, and certified at your cost..
- The buyer should arrange to have all Utilities transferred to their name by the date of closing. Do NOT turn them off!!
- Three days prior to closing, the Buyer and their agent will conduct a Final Walk-Thru and arrange Key pick-up. You may choose to be present at the walk-thru.
- You will be called into the Title Company for an appointment to sign loan and closing documents
- Once the Buyer and Seller have signed all documents and the loan has been funded, the deed will be recorded with the county.