Under Contract! Now What?!
You have been dreaming of the day the “Under Contract” sign is outside your Loudoun County window and now that dream is now a reality. But, what happens now? Below is an outline of the process to get you from contract to close with Ask Gina & Company:
Inspections:These will be scheduled by the buyer and coordinated through us at Ask Gina& Company. It is important that you treat each inspection as you would a showing or open house by staging and then giving the buyers their privacy by not remaining in the property. A typical home inspection lasts 3-4 hours, with a radon box (if ordered) dropped off a day or two before – or left behind from the inspection. A termite inspection lasts under an hour.
Appraisal: This will be ordered by the bank and again coordinated through us. This is a quick appointment (approximately 20 minutes) where it is okay for you to remain on site.
Survey: A survey will be ordered by the bank and does not need to be scheduled as access to the house is not necessary. The surveyor will arrive, mark your property, and then leave. Sometimes a seller doesn’t even know the process has been performed.
Information Gathering: The settlement company will contact you for your social security numbers to obtain any payoff information from your mortgage company. They will also prepare all of the documents to release the deed, satisfy any loans, and transfer title.
HOA Documents:These will be ordered and delivered to the purchaser for their review. Under state law, they have 3 days to read through and accept the community regulations.
Utilities: The utility companies will need to be contacted once the inspections are complete. Please arrange to have power, water, and gas to remain on until the day AFTER closing. This allows for any mishaps with getting it switched over so settlement can occur without delay.
Final Walkthrough:This will be performed by the purchasers just prior to settlement. This will be after you have moved from the property and are in your new home. The house should be BROOM CLEAN and free of any debris. They will test the systems of the house, check on any home inspection repairs, and ascertain that the house is in the same condition that is was in when the contract was written.
Settlement: This will occur on the date agreed upon at contract. Time will be coordinated with both buyer and seller. Is anyone can not make it to settlement – it can be “split”, meaning each party will arrange a time to sign their side of the documents which will then be coordinated with the other set of paperwork. There are other options available as well, such as pre-singing paperwork or a limited power of attorney. If you think the date may be a problem, we can work out options in advance. You will need to be sure to bring a photo I.D., all copies of keys& remotes, mailbox address, paid receipts from any home inspection repairs, wiring instructions for your bank or any necessary funds in the form of a cashier’s check made out to the closing company.
CONGRATS! You have now successfully sold your home with your Loudoun County Real Estate experts at Ask Gina & Company! And, don’t worry! When you chose us as your Loudoun County Realtors, you chose a partner for life! Should you have any problems that arise just after settlement, we will be there by your side to work them out!
