An educated seller is a more successful seller, We’d like to walk through the steps from the point of accepting an offer to the settlement or closing day.
INSPECTIONS As stated in the agreement of sale, the buyers have a period of time (usually 10 days) within which to accomplish a variety of inspections (property, termite, radon, etc.). I will let you know when these inspections are scheduled. You do not have to be at the house for any of them. The property and termite inspections usually will be finished on the day they are scheduled.
RADON TEST The radon test (if done), will involve having canisters or a monitor installed in the basement and on the first floor. They will have to stay in place for 48 hours while an air sample is gathered. During this time the windows or doors MUST remain closed, save normal in and out traffic. At the end of the 48 hours, the testing company will come back to pick up the canisters or monitor and the air samples will be sent away for evaluation.
MOLD TEST If a mold test is being done, results typically take 5 days to culture and come back. At the conclusion of all of the inspections, we will receive either a release from the buyers (stating that all inspections are complete and the results satisfactory) or an addendum requesting any changes to the original agreement of sale (repairs, credits, etc.).
TITLE SEARCH Early in the process the buyers (or their mortgage company) will be ordering a title search, an appraisal and homeowners insurance. As a result there may be several other times that people will have to access the house: an appraiser may be sent from the buyer’s mortgage company to confirm the value of the house, and a representative from the buyer’s insurance company may have to visit the house for underwriting purposes. You will be notified about all of these visits in advance. The title search will generate a report of all recorded information about the property (mortgages, judgments, liens) and may require a response of some type depending on the status of particular items.
SCHEDULING SETTLEMENT The date and time for settlement is established by mutual agreement between buyer and seller and can occur on or before the date specified in the agreement of sale. However, any change to the date specified in the contract must be discussed and formalized in writing by all parties well in advance of the original settlement date.
INSURANCE You should notify your own insurance company about the date of settlement and alert them that you will be canceling your policy shortly after settlement. You may be eligible for a refund from your insurance company and your mortgage company for any unused monies they have collected for homeowner’s insurance or real estate taxes. You may want to check with both of them about this possibility. If you have an ‘auto draft’ for the payment of your mortgage please notify both your bank and the mortgage company to suspend that privilege as of your settlement date. The mortgage payoff department is independent of the payment department so you must notify the payment dept. of this cancellation.
PREPARING FOR SETTLEMENT A week or so before settlement, you should contact the appropriate utility companies (gas, electric, telephone, cable, alarm) about having service stopped in your name as of the settlement date. Please note that the agreement of sale stipulates that the gas and electric must be on for the pre-settlement walk-through. Approximately one week before settlement you will receive a call confirming the date, time and location of your settlement. If you cannot attend the settlement for any reason, please let us know as soon as possible so that we can arrange for you to sign the necessary documents in advance.
"Caleb was so courteous and professional through the whole process of buying our home. He listened to our needs and met every expectation we had. Thank you, Caleb!" - The Cranes
"We are excited to say that we just purchased our first home! It has been a long process getting everything in order and it was a bit of a bumpy ride. Through the process we were thankful to have a supportive realtor who was knowledgeable and able to find the answer to any question we had. Caleb Glashower went above and beyond to ensure that we got the home of our dreams..." -Matt and Ashley L