Depending on local custom, the listing or selling broker oversees the contract through to settlement, or closing. A number of professionals come into the home selling process during this period, including various inspectors, appraisers, and attorneys. At this stage, all contract contingencies will be satisfied and removed. The buyer will select a settlement or a title company, and the brokers will provide vital information to those firms.
Termite Inspection
A termite inspection is required by most lenders and is specified in the contract. If existing coverage is in effect that might avoid an unnecessary inspection, let your listing broker know. You are responsible for paying for the inspection, removing any infestation, and repairing any resulting damage.
Loan Process
Your listing broker will keep you informed about the buyer’s loan approval progress. Most contracts require the buyer to make a loan application immediately after the contract is ratified. The lender will order a home appraisal to confirm the property is adequate security for the mortgage. The lender will also verify the buyer’s employment, income, deposits, credit rating, and debts.
When the lender receives the appraisal and all other requested information, the mortgage application will be approved. The lender may specify requirements, such as repairs, which must be met before they approve the loan. A commitment is then issued to the buyer. Many contracts require a loan commitment from the lender within a specific period of time.
After Loan Approval
After the buyer’s loan is approved, the selling and listing brokers will coordinate a settlement date. Your listing broker will notify you to confirm the date, place, and time and give you a checklist of everything you need to bring to settlement. Your listing broker will also let you know when you should notify utility companies to transfer accounts.
You can now make definite moving plans. If you are moving outside of Long & Foster’s seven-state region, Long & Foster can arrange for you to receive information about your new area from one of our affiliated brokers. This out-going referral ensures you will work with a broker of the same quality as Long & Foster and makes the move easier by providing information prior to house-hunting trips.
Documents for Your Move
Now you will have to organize a number of documents in anticipation of your move:
Check with your insurance agency if you want to purchase full coverage on household items. Make sure your family car and household goods are adequately protected while en route and initially after arrival.
If you plan to vacate the house more than 30 days before settlement, be sure hazard insurance covers risk during that period and until the deed is recorded.
Obtain transcripts of children's school records.
Obtain birth and baptismal records for all family members.
Secure all medical and dental records for the family.
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Local Links
Important links to area information and tools to assist in relocation.
