I Have Accepted a Contract. What Happens Now?

Congratulations!!! We are well on our way to accomplishing our common goal…getting your home to settlement.

We are looking forward, as you are, to settlement day. By working together, we anticipate an enjoyable process for everyone involved!

Below is a list of events that may occur during the time between contract and settlement and an explanation of what to expect.

What to Expect…

Home Inspection

Your contract may contain a home inspection contingency. Typically a home inspection will occur within 5-10 days after the date of your contract was ratified (signed by all parties.) It is best for Sellers not to be present during the course of the inspection. The people attending the inspection will be: The home inspector(s), the Buyer(s) and the Buyer’s real estate agent. Depending on the size of the home you can expect the inspection to last about 2-3 hours. Please make sure all areas are accessible including the garage and attic. Leave all lights on as you would for a showing. We will contact you with the results of the home inspection and the buyer’s request for repairs, if any. As per the contract, repairs are to be completed by a licensed trade professional. We can provide you with a list of service vendors that we have had great experiences with.

Radon Inspection

Your contract may also include a radon inspection. This is a 48-hour test. The inspector will need to gain access into the home to pick up the test after its completion. The inspector will leave two small canisters or a radon testing machine in the lower level of the property for 2 days. These devices will measure the levels of radon gas in the air. During this test all windows and doors must be kept closed except for normal coming and going. The EPA recommended level for radon gas is 4.0 Pico curies per Liter. Anything greater than 4.0 does not fall within the EPA’s guidelines for safe levels of radon. You can find more information on radon at http://www.epa.gov/iaq/radon/

Termite Inspection

A termite inspection will occur in 95% of sales. The “termite” inspection is a visual inspection for evidence of active or past infestation of wood-destroying insects (termite, powder post beetles, carpenter ants and bees, etc.) and any damage they may have caused. The termite inspector will call our office to schedule the appointment. If the keybox is still on your property, we will set up the appointment and call you to let you know the time and date. If the keybox has been removed, we will have the termite company call you directly to set up a time to gain access. You are not required to be present during the inspection.

Well & Septic Inspections

These inspections will only occur if the property has well water and a private septic system. The well tests may include analysis for chemical or bacteriological problems and water flow (well-yield test.) Should bacteria be found in the well water, it is easily remedied by plumber who is trained to chlorinate the well. Most septic tests performed are through the dye-tracing method. The inspector will introduce a dye into the septic system by way of the toilet then run about 300 gallons of water through to complete the test. These inspections will generally occur at the same time as the home inspection.

Bank Appraisal

All lenders require a bank appraisal. The appraiser will call our office to set the appointment. If the keybox is still on your property, we will set up the appointment and call you to let you know the time and date. If the keybox has been removed, we will have the appraisal company call you directly to set up a time to gain access. You are not required to be present for the appraisal.

Homeowner’s Association Documents

This only applies if your property is a condo or is in a Homeowner’s Association. If you have not done so already, please contact your Homeowner’s Association or Condo Management Company as soon as possible to order a “Resale Package.” Maryland law requires sellers of real property to provide this to their purchasers. Unfortunately, most management companies do charge a fee for providing this. It is not uncommon for the fee charged to be around $100. Buyers have 5-7 days as stated in the contract to review these documents and rescind the contract based on their review so getting these documents to the buyer in a timely manner is critical!

Walk-Through

We will contact you a few days prior to settlement to let you know when the buyers will be doing their final walk-though. Many times, the walk-through will take place 1-2 hours before settlement. If there is a rent-back involved, the buyer may or may not do a walk-through before settlement. They may choose to do their walk-through until the rent back period has ended. Don’t be surprised if this is scheduled at the last minute. We will try our best to give you notice but many times the buyer’s agents schedule this item last minute.

Settlement

As soon as we are notified by the buyer’s agent of a time and place for settlement we will send you a Seller’s Notice of Settlement letter. This letter will contain all the information you will need for closing…..what to bring to settlement, what to do about utilities, etc. as well as directions to the title company. You may receive a phone call or a letter from the title company requesting personal information such as your mortgage company and account information as well as your social security number. Please reply to them with this information as soon as possible as they will need to order your payoff.

Keyboxes

We would like your permission to leave the keybox on until settlement. This will make it easier for the above inspectors, appraisers and our office to gain access into the property without having to inconvenience you. If at any time you wish to have the keybox removed just call our office and we will send someone to remove it as soon as possible. We will then keep the key safely in our file.

Hopefully, this will answer some of the questions you may have. If you have additional questions or concerns please call Eric anytime. We are grateful for your business. We are committed to making this a stress-free process for you and look forward to earning your referrals in the future.