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Sales Process - Residential Transactions

The Contract

Whether you're Selling or Buying, your Agent will assist you in entering into a signed Sales Contract.

Upon the Seller's written acceptance of the Offer to Purchase, your Agent will send the Sales Contract to your attorney.

Home Inspection and Attorney Review

Within five (5) business days after the Date of Acceptance,

a.  Either Party's attorney can propose modifications to the Sales Contract and

b.  Purchaser may request that repairs be completed to the home as disclosed in a Home Inspection Report prepared by the Purchaser's licensed Home Inspector.

The Parties should reach a final agreement on all remaining issues within ten (10) business days after the Date of Acceptance.

Loan Approval

The Buyers must then begin to work with their Lender to obtain Loan Approval and a "Clear to Close" by the Loan Contingency Date.  The Loan Contingency Date is the date by which the Buyer must obtain a written loan commitment from Buyer's lender.  More importantly, it is in the best interest of both Parties to have the Lender's appraiser complete the appraisal of the property as soon as possible and before the Loan Contingency Date.

The Closing

The Seller's attorney will begin to prepare for the Closing on the Contract Closing Date, including but not limited to ordering the title search/commitment, mortgage payoff letter, plat of survey, paid assessment letters, city inspections etc..  Of course, there are many other things that must be done and completed before the Closing Date.

Each Party and their Agents and Attorneys have their own work to complete before the Date of Closing.

If each Professional is competent and has done his or her job, the closing process and Closing itself can be a smooth and problem free experience.

Contact us at no cost or obligation by calling 630) 930-7464 or by email at clint@clintlaw.com.