After your home is on the market and an offer is accepted, there are still a few steps to go through. The sales process can be a little confusing but knowing some key terms will help.
The Sales Process
The negotiated contract will typically have a due diligence period. During that time (10-14 days is common), the buyer will have the home inspection, termite inspection and any other inspections they may find necessary. During the due diligence period, a buyer can terminate the contract for any reason.
After the home inspection, the buyer may ask that repairs be made by the seller. Even though a home is sold “as is”, the buyer can still have an inspection and ask for repairs. You can refuse to make any repairs, negotiate a revised sales price, or agree to contribute an amount to the buyers closing costs, instead of making repairs. This offer must be agreed to by all parties.
Prior to closing, the buyer will schedule a final walk-thru with their agent. This inspections lets the buyer check to make sure all items agreed to have been repaired. The sellers possessions should be out and the house “clean and free of debris”. It’s a good idea to be out a day ahead, to allow time to get the home cleaned prior to closing.
Be sure that utilities are on for the final walk-thru but have them scheduled to be transferred on the day of closing. Many utility companies don’t allow the new owner to activate utilities until the current owner has scheduled termination.
On the day of closing, it’s best to remove all trash, since you’ll be out and likely have services discontinued. Sometimes, it’s necessary to leave the trash container full of trash – just make sure it’s properly bagged so there is no problem with it being removed on the next trash collection day.
If anything must be left until after closing, make sure it is discussed with the new owner, prior to closing. This can be a stressful time for all parties, so it’s best to make sure there are no last minute surprises.