BEING “UNDER CONTRACT”
Congrats! Your diligence has paid off, your legally binding contract has been signed – now what? Apart from the obvious of physically packing and moving out of the property if you have not already done so, there are other responsibilities of a seller, depending upon the terms of your contract. Listed below are a few of the more common ones:
- Attorney: If you have not already chosen a real estate attorney or settlement agency to represent you at closing, you will need to pick one. Your agent has had extensive dealings with many local offices and can recommend one if you so chose. You agent will then make sure a copy of your contract is delivered to them for processing. Your closing office will contact you directly to obtain information needed to obtain mortgage payoffs and any other info needed to prepare the deed to convey your property.
- Home Inspection Repairs: Most of today’s buyers will pay for a home inspection in order to determine whether the property has any areas of real concern. Many inspectors include a radon test as part of their home inspection. Once the inspection is done, the buyer’s agent may send a list of requested repairs. Your agent will discuss this list with you and determine what responsibility, if any, you as a seller have in reference to the terms of your contract. It will then be up to you, the seller, to make sure any agreed upon repairs are made in a timely manner prior to closing.
- Pest Inspection: This may be scheduled by you or by your agent. The inspection and any resulting need for treatment is generally a cost paid for by the seller.
- Inflow & Infiltration: This inspection is for properties utilizing Western Virginia Water Authority’s water and/or septic systems and is usually scheduled by your agent at a time convenient to you.
- 5. Well and/or Septic Inspections: If your home is serviced by a well and/or septic system, an inspection of both systems will need to be made. The inspections and any resulting need for treatment and/or repair are generally costs paid for by the seller.
Remember – this list is being provided as a general guideline for the majority of sellers. Your Red Key Realty agent will help you determine more precisely which items apply to you based upon the specific terms of your contract. Rest assured, whatever applies in your case, we will be with you through the entire process, so no extra stress needed on your part!