Blog Layout
What to Expect when Selling your Home
Nov 20, 2017
  1. Congratulations! You accepted an offer to sell your home, and signed the Contract.
  2. Your realtor will immediately send us a copy of the contract, and we will call you to introduce ourselves, and give you a complete overview of what to expect moving forward.
  3. We will deal directly with the Buyer’s attorney, and keep you updated as events take shape.
  4. Once the Contract is signed, most contracts allow both the Seller and Buyer a five (5)-business day attorney review period. During this time, the attorneys have the opportunity to make any changes to the Contract or cancel the agreement.
  5. If you have any changes you would like us to make during the 5- business day attorney review period, please let us know immediately so we can make the suggested changes with the Buyer’s attorney. We will send an attorney review letter itemizing the changes within that time period. Both you and your realtor will receive a copy of the letter before it’s sent to the Buyer’s attorney, so you know exactly what changes we are requesting. Our goal is to make sure you and your realtor are fully informed.
  6. The contract will also likely will have a 5-business day period for the Buyer to do a home inspection. Typically, the Buyer will hire an inspector to do the home inspection. Your realtor will arrange the inspection with the Buyer’s real estate agent. Sometimes, difficulties in scheduling arise and these dates are extended by agreement of the parties. When the inspection is completed and an inspector’s report is prepared, the Buyer’s attorney will review the report with the Buyer.  A letter will then be sent to us requesting certain items to be repaired or suggest credits towards repairs. When we receive this letter from the Buyer’s attorney, we will email you a copy.  After you review the letter, we will discuss with you how we wish to respond.
  7. We will help you in the negotiation of the Buyer’s repair requests. At this time, please direct any questions you may have to us. Please know your realtor is a valuable resource in discussing the repair work, as he or she typically has first hand knowledge of the condition of the property.  However, we will handle all communications and prepare any letters with the Buyer’s attorney.
  8. There may be times when we are busy helping other clients, and you may not be able to speak to us immediately. That being said, our goal is to call you back as soon as possible.
  9. It’s also common the Buyer’s attorney may not respond to us right away. While we understand quick responses are best for all, there are many reasons for the delay. Just know we are always paying attention to your file and if you have not heard from us, it usually means nothing is happening at that moment.
  10. When the inspection issues and attorney modifications are finalized, the Buyer will now focus on his or her loan. You will be updated as soon as we receive any information.
  11. Please provide our office with copies of any repair receipts and warranties from any repairs you have completed. When we receive those copies, they will be sent to the Buyer’s attorney.
  12. Getting the appraisal ordered and completed will be the next step. Your realtor and the buyer’s lender will coordinate the date and time of the appraisal.
  13. When the loan is approved, the Buyer’s lender will notify everyone of a clear to close. Keep in mind, there are some instances where the Buyer needs additional time to obtain financing and requests an extension of the financing date in the Contract.  The Closing date may be extended as well.  If this happens, we will call you immediately to discuss with you the status of the Buyer’s loan and any extension requests we receive.
  14. We will then discuss with you available closing dates and schedule the closing. You have every right to attend the Closing, but it’s not required.  The majority of our clients sign all the necessary documents prior to Closing.  Once the attorney review and inspection periods are finalized, we will discuss with you whether you will attend the Closing.  We will need the original, signed, and notarized documents in our office prior to closing, and will provide you with enough time in advance to send us the original documents.  If you do not attend the closing, we will discuss with you all options how you wish to receive your money.  Typically, the funds are wired to you.  However, we can also mail the check to you, overnight it, or pick it up yourself.
  15. Before the Closing, the Buyers will conduct a final walk-through of the property to make sure the agreed repairs requests were completed, and the property is in a satisfactory condition. Your realtor will schedule this with the Buyer’s realtor. The condition of the property should be broom clean.  Possession, unless otherwise agreed to, is tendered to the Buyer at closing.  If there are any walk-through items raised by the Buyer, we will call you immediately and work to come to a quick resolution.
  16. The closing will take place as scheduled. Please be available via telephone just in case there are any issues raised during the Closing. When the Closing is finalized, we will call you and send you a copy of the final closing statement. Please make sure you keep this in a secure place as you will need it for your taxes.

It’s always exciting to bring your home sale to a successful completion.  Our goal is to make sure the entire process moves as quickly and seamlessly as possible.

Please keep Giorgi and Bonomo, LLC in mind for you or anyone else you know, for any legal needs or questions. We practice in several areas of law. If it’s an area of law we do not practice, our referral network is immense, and we will get you in touch with someone who can help you.

Share by: