Contract to Closing
It’s both exciting and stressful negotiating a real estate purchase contract. Once an offer is accepted and signed by the sellers, buyers can relax a bit, but I can’t. There are a lot more negotiations, document deliveries, inspections, title details, amendments, waivers and mortgage tasks to be accomplished to reach a successful closing. Handling this whole process effectively and diligently is the only way to walk away with the keys to your new property as planned.
There are more than 50 specific due dates and tasks on our average transaction checklist, but an overview of a few includes:
- Selection of a lawyer.
- Post contract delivery of documents to the lawyer.
- Deposit of earnest money and delivery of receipt to my buyer client.
- Helping my buyers to order inspections and coordinating them and providing access to assure they’re completed on time.
- Coordinating timely delivery of any documents objecting to disclosures, inspection results, or title issues discovered.
- Coordinating appraisal and appraiser access.
- Working with mortgage company and coordinating delivery of documents they require.
- Assisting my buyers with any negotiations related to contingencies, inspections or documents.
- Constant monitoring of status of all processes of the deal.
- Updating my clients regularly on what has been done and the next steps.
There are a number of companies and people involved in a real estate transaction, including attornies, surveyors, appraiser, mortgage broker, lender, loan underwriter, both agents, and possibly others. Each has specific duties and requirements, and each is concentrating on doing a good job for you. However, their focus is narrow, targeted on their specific niche in the deal. As your buyer agent, I'm your “go-to” resource to bring it all together. I am your Project Manager, so to speak. I'm here to coordinate the activities of all of these companies and people for you.
I'm constantly monitoring those 50+ document delivery items and the work done by these people. Daily we check the progress against contractual deadlines and act on our project requirements. A lot of this activity goes on behind the scenes and you’re not even aware of it. Some of it requires that we contact you and request documents, signatures or other actions. Please understand that my overriding goal is a smooth transaction, and getting you through meeting all deadlines is one of my jobs. I’ll only bother you when necessary, telling you what I need and when, and moving you through to a successful closing.
There is a lot more, but those are the highlights, and many sub–tasks are related to each of them. I'm obsessed with proper follow–up and detailed coordination of every step of the closing process for my buyer clients. It’s critical that I make all deadlines and keep the transaction on track to avoid defaulting on any terms of the contract. I’ll keep your real estate transaction on track, and you’ll have the time and advice you need to assure you’ve covered all of the bases prior to closing.