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What Happens After a Contract is Accepted?


After a contract is accepted for the sale of a home, I keep working for you. Here is a list of the actions that typically have to happen to get from contract acceptance to the settlement table:

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1. Contract Delivery: Your contract isn't binding until it's signed and delivered. I ensure and confirm that it's delivered. 

2. Report the Sale: I report the sale to the local multiple listing service, so other agents are aware of the contract. This allows your life in your home to begin to return to normal without the flow of constant prospective purchasers. 

3. Verify Loan Application: Contact the Loan Officer for the Purchaser to verify that the loan application is complete and that the sale is moving forward. 

4. Verify Funding: If the Purchaser is not obtaining a mortgage, verify that they have the funds to complete purchase. 

5. Termite Inspection: Confirm the date and time for the termite inspection. Seller must provide access for the inspector. 

6. Termite Treatment & Repairs: you must confirm the date, time, and cost for the termite treatment and repairs and provide access for the contractors. 

7. Appraisal: You must confirm date and time of the appraisal. Provide access for the appraiser, and provide data on comparable sales.

8. Home Inspection: You must confirm date and time for the home inspection. Review the Home Inspection Notice when received and negotiate as needed. 

9. Home Inspection Repairs: You will locate contractors to perform repairs required by the Home Inspection. 

10. Contingencies: Verify that all contingencies have been removed from the contract, and that the sale is moving forward. 

11. "SOLD": Once the contract is non-contingent, place a "SOLD" sign on the property. 

12. Title Work & Survey: Confirm that title work and appropriate surveys are ordered. 

13. Completion of repairs: Verify that all repairs required by the contract are completed

14. Termite Reports & Certifications: Forward copies of the termite reports and any needed certifications to the settlement company. 

15. Title Work Status: Once an abstract of title has been received, confirm the status of the title work with the settlement company and the Seller. 

16. Title Issues: If title issues arise, help the Seller understand how to resolve the title issues. 

17. Schedule Closing: Confirm the date and time of settlement with all parties. 

18. Movers: If requested, give movers access to the property to create moving bids. 

19. Closing Costs: Obtain closing costs figures for the Seller.

20. Walk-Through Inspection: Schedule the date and time for the final walk-through inspection by the Purchaser. 

21. Attend Walk-Through Inspection: Meet the Purchaser and the Purchaser's Agent for the final inspection. 

22. Negotiate Walk-Through Inspection: If any  issues arise during the final walk-through inspection, negotiate a resolution. 

23. Remove Sign & Lockbox: Remove the "FOR SALE" sign, the lockbox, and bring the keys to settlement. 

24. Attend Settlement: Attend the Settlement and bring copies of paperwork related to sale of the property. 
IMPORTANT NOTICE  Russell-Realtor is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
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