From Contract to Settlement
After you have found the perfect home and you and the seller have ratified the contract, your agent’s work has just begun! Here’s a brief overview of the hurdles your agent will help you get over along the road to settlement
Home & Radon Inspections: Your contract will be contingent on you completing satisfactory home and radon (if desired) inspections. You will hire a competent home inspector that will look over the property from top to bottom and furnish you a complete report as to the property’s condition. Some things the seller will have to repair, some things are a point of negotiation. Usually 7 days.
Appraisal: Your lender will send an appraiser out to verify your and your agent’s assessment of the property’s value. If their assessment is too low you will have to negotiate with the seller for a reduction. Usually 15-20 days.
Termite Inspection: You will hire a termite inspector to go out and inspect the property. Termite repairs or treatment are necessary, the seller must address those issues at their expense (unless the property is AS-IS). Anytime 30 days prior to settlement.
Condo/HOA Documents (if applicable): The seller will provide you with complete HOA and/or condo association documents for your review. MD: 5 days from receipt for HOA, 7 days for condo; DC: 3 business days; VA: 3 days
Homeowners insurance: Unless the property is a condo you must apply for homeowners insurance. Must be done no more than 7 days from ratification
We will work with all of the different professionals involved in your real estate transaction to bring your contract to a smooth and successful settlement!