Congratulations! You have contract ratification! Steps forward:
- Copy of contract and EMD: Save on your computer.
- Ratified Contracts: All parties should receive a copy of the ratified contracts, addendums, copy of EMD and lender letter. Client, list side, buy side, mortgage and settlement companies.
- Case processing sheet. Got to nat22.com and submit information and attach contracts.
- Turn in earnest money check to appropriate escrow agent. In memo write agent name and subject property address.
- Arrange Home Inspection date and time, if applicable. meet the inspector with your client at the house. Buyer should bring a check to pay inspector afterwards. (If agent does not schedule within the time frame in the contract, then buyer loses his home inspection and it will be the agent’s fault.)
- Removal of Home Inspection addendum: It will state the home inspection contingency is removed upon the seller repairing or replacing the following items: List items needing repaired. (don’t make it a long list, just about 5 or 6 items) If they are real expensive items, they may not agree and the deal could die, so be reasonable.
- Order Pest Inspection. Have them send paid receipt to settlement company. ( if applicable )
- Homeowners’ documents: The listing agent should provide you the HOA documents. Your buyer has 3 days to review and object otherwise they are automatically agreed to.
- MBH disclosure: If using MBH Settlements, download MBH disclosure from PDF buyer forms on nat22.com and have buyer sign.
- Buyer Loan application: Purchaser is required to make a written loan application within 5 days of ratified date. If they don’t do it, they could lose their EMD. This is your responsibility to tell your buyer, keep in touch with lender and keep listing agent informed on progress.
- Home Warranty: Fill out Home Warranty form and submit to settlement company if applicable.
- Utilities: Upon settlement day they should be in buyer’s name. Ask listing agent to get the names and numbers of all utilities from seller. Then buyer calls to activate his name for day of settlement.
- Homeowners Insurance: Have Buyer select an insurance company and tell them to email a one-year paid receipt to settlement company. The actual payment from buyer will be handled settlement.
- Settlement Table -Lender: If your lender is Andy Sikora, be sure to let him know the settlement time and date, as he will be by your side to answer any financial questions.
- Settlement Table -MBH: If your settlement company is MBH, their processor or Attorney will provide you a link called Qualia for you to fill in with details of the case.
- Settlement Table -Client: Bring a bottle of wine as settlement gift. Ask them to please refer any future business to you.
- One week after Settlement: Call or email buyer to see if all is ok. Add them on your “Real Estate in a Minute” email program to keep them apprised of interest rates, home values and community news.
- Add to your Sphere of Influence: Continual contact using free email keeps them informed of interesting information about Real Estate. (Find short good news on Internet and email it). It’s a great excuse to remind them that you’re a Realtor and appreciate referrals.
Agent and Buyer wire fraud advisory:
Tell your buyer not to wire money without knowing for sure where it’s going.
If settlement is with MBH, they never request changes via email or fax. Even if the buyer or agent receives an email with all the info about the transaction with wiring instructions, don’t do it. Instead call the Settlement company and confirm the correct procedure.