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When an offer is made
Presenting the offer.
Presuming that the offer to purchase your home is generated
by an agent other than myself, I will contact you immediately to arrange a meeting. The timing may be inopportune
but it's usually best to meet as soon as possible to consider the contract. Please note that when I call you to
arrange for the presentation, I will not be aware of the terms of the offer. However, I will present the offer
to you and we will review all of the terms and conditions at that time.
Three options to consider:
A) Accept the offer exactly as presented….. and your home
is SOLD!
B) Make a counter proposal - Propose changes to the offer, i.e. price, personal property, closing or possession
dates, etc. so that it is acceptable to you.
C) Reject the offer.
Delivery of the contract. A copy of the finalized contract will be delivered to both buyer and seller by their respective real
estate agents.
Finalizing all conditions.
A) If the contract states that financing will be provided
by a lender, it is the buyer's responsibility to make an application for the mortgage loan as soon as possible.
The buyer will have a set number of days to procure the loan, as stated in the contract. The lending institution
will verify the buyer's credit, work records, and determine his ability to meet the monthly obligations.
Since your buyer's mortgage loan is to be secured by the house itself, the lending institution may assign an appraiser
to visit your home to determine that its value is enough to secure the loan that they are making to your buyer.
When all the information is received, the mortgage loan underwriter will either approve or disapprove the loan.
B) After the loan is approved, more legal work is necessary, though you may have little involvement. The
land title will be searched, title insurance will be ordered and an updated survey of the property may be ordered.
If the property is a condominium, your Association may have to be contacted.
C) When the paperwork is in order, the time and place of the settlement will be agreed to by all parties
involved. We will assist your lawyer or notary to insure a smooth and timely closing.
D) Prior to the time of closing, the buyer may request a physical inspection of the home. An appointment
will be arranged through my office. The buyers may or may not be accompanied by a property inspector whom they
have engaged at their expense.
E) Keys will be delivered to the buyer at the closing, or whenever possession of the property has been agreed
upon.
F) At closing, all documents finalizing the sale will be signed by all parties and all funds will be disbursed.
My Responsibilities
My responsibilities are not fulfilled until the transaction is completed.
A) I will follow the progress of all steps mentioned so I
may keep you abreast of developments.
B) I will do everything in my power to work with your mortgagee, accountant, lawyer, etc. to ensure a timely
and highly satisfactory settlement for you.
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