Third Post

Buying and Closing Process

PURCHASE AGREEMENT & CLOSING CHECKLIST

Once we have located the home you are ready to purchase, I will busy with the following:

_____ Have purchase contract, addendum, and/or counter offer, SPDS, estimated cost sheets, etc. been signed and initialed?
_____ Verify escrow is opened and have Title Company give you a copy of earnest money check and receipt.
_____ If new financing, verify that the buyers have scheduled loan application within the time period stated on the contract.
_____ Verify that the buyers have scheduled the inspection. When does it have to be completed?
_____ Verify that the seller has the utilities on for the inspection.
_____ Deliver to the seller written notice of deficiencies from buyers (as per report) and obtain seller’s approval or agreement to correct deficiencies by ___________ date.
_____ Verify that deed restrictions, status of Flood Plain, Legal Access, financial documents, SPDS, Homeowner’s Association documents, CC&R’s, etc., have been ordered and delivered to buyers. Have buyers sign a statement approving same.
_____ Write a letter to the client or customer reiterating important dates and facts in the contract.
_____ Verify if Home Warranty is being obtained and that the title company has received a copy.
_____ If new financing is involved, deliver the Preliminary Loan Approval letter to Title Company.
_____ What are the contingencies? Has written contingency removal been signed and delivered to Title Company?
_____ Verify schools, zoning, flood plain, assessments, sewer, and fire protection, taxes.
_____ If property is on septic system make sure that septic certification is placed in escrow before closing. If on sewer, verify. Does it need a dye test?
_____ If square footage is different from what the listing package or pubic record indicates, determine why. If addition has been made, verify that a building permit was issued. If there was no permit issued, a disclosure must be drawn up and signed by all parties.
_____ Check the Preliminary Title Report for any problems. Consult with escrow officer to see if everything necessary to close has been completed.
_____ Have seller order termite inspection before close of escrow.
_____ Follow up that buyers requested repairs have been completed and obtain a written satisfaction of work done.
_____ Verify any lender required repairs were completed and have appropriate lender or government agency approve said repairs.
_____ Contact lender and escrow officer to eliminate problems.
_____ Check estimate of funds due seller against your estimated cost sheet.
_____ Confirm recordation of deed with the County Recorder’s Office.
_____ Arrange for key delivery as per occupancy status in contract.
_____ Have purchaser Coordinate turn off/turn on of utilities.