Step 18 To Selling Your Home: Contract Review
While the inspection is occurring and we’re negotiating inspection repairs, we will review the contract and create any addendums required as agreed to by both parties. We don't necessarily change anything we wrote into the contract. Rather we are adding additional language to protect you and specifying certain things you want such as closing taking place at a Title company close to your home or their office, miscellaneous credits, etc.
If you live in a condo building we will also request the condo documents from your property management company manager or HOA president. Don’t be surprised if you have to pay a fee for these documents. You may need to request a Paid Assessment Letter (PAL) from your condo association showing you are current on all HOA fees/special assessments. There may be a fee you have to pay before your HOA will release this letter. It can range from free to somewhere in the $200-$400 range. You have to pay the fee as we need that letter to be able to close.
In addition, before closing the Realtors often will:
- Assist with the negotiation of any inspection issues
- Help you further understand the contract and makes sure your interests are protected
- Work with the title company to ensure clear title
- File extension requests, as needed
- Work with the buyer’s lender to ensure a timely loan commitment
- Work with the tile company to review the settlement statement (HUD) including any taxes owed, adjustments, closing cost credits, etc. prior to closing
- Work with the title company to ensure all legal documents are prepared
- Work with the title company to schedule the closing
The above list is IF everything goes perfectly. (It rarely does!) If it doesn’t and the contract needs to be cancelled, earnest money needs to be refunded, etc. the Realtors will work hand in hand with the title company to make it happen. This is why it’s crucial to have a good Realtor as part of your team!
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