After Contract Ratification (Buy Side)
Congratulations! You have Contract Ratification!
What now? Turn in earnest money for deposit to National Realty escrow. Keep a record of when and who you turned it into and make copies of the check. The check should have the word Escrow on it with property address and attached to your business card. Also scan the entire contract and lender letter to National Realty. Then on www.nat22.com fill out case processing sheet and hit submit.
Send copies of all except case processing sheet to: Purchaser, Listing agent, Lender and Settlement Company.
1) If Applicable: Order a Home Inspection date and time and meet the inspector with your client at the house at the decided time. Buyer should bring a check to pay for the inspection after it is done. Seller should not be at home during inspection. Arrange with lister.
Within the specified time lines: Fill out a 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. ( less is better.) If they are real expensive items, they will probably not agree and the deal could die, so be reasonable.
2) Order Pest Inspection. Have them email bill to the Settlement company to be dealt with on the HUD at settlement.
3) If settlement is with MBH: Print disclosure from www.nat22.com and have buyer sign. Bring to settlement.
4) Purchaser is required to make a written loan application immediately. If they don’t do it, they could lose their earnest money. Purchaser is required to provide all paperwork to get loan processed on time. Agent must be sure client knows this.
5) If applicable, fill out and send in the HMS warranty form. Send copy to settlement company to handle at settlement.
6) Keep listing agent informed of your progress with loan, home inspection etc.
7) Be sure the buyer contacts the utility companies to have everything put in their name on settlement date.
8) Home Owners Insurance: Have Home Owner select an insurance company and tell them to email a one year paid receipt with property address on it to the settlement company. The payment will be made on the settlement sheet.
9) As agent, keep in Touch with what’s going on! Monitor mortgage application progress. Ask lender if the buyer has provided everything? Keep in touch!
10) Questions? Email Keith.