CONTRACT TO CLOSE
Congratulations On Your New Contract!
We must go from contract through closing now that you have chosen a home. 1. Make a note of your option period & closing date. During the option period, you may terminate the contract for any reason and receive an earnest money refund. 2. Your main points of contact will be your Austin Market Realty agent, your lender, and your escrow officer. You can always contact your agent with any questions regarding the transaction. 3. Review & sign the Seller’s Disclosure Notice. This document informs you of any repairs the seller has made or any deficiencies the seller is aware of. 4. If the property is serviced by Austin Energy and is over 10 years old, we will typically receive an ECAD energy audit from the seller. 5. We will schedule your inspection as early as possible so that you can review any deficiencies the inspector finds. We always recommend that you attend your inspection walk-through. 6. No property is perfect, so there is a good chance we will negotiate an amendment for repairs or a credit for repairs. Take into account the age of the property and how the property was marketed. For example, a very new property should have relatively little necessary repairs, while a property built in the 50’s without major renovations is expected to have some acceptable deficiencies.
7. We will instruct your lender to order the appraisal and to move forward with underwriting.
8. If a survey is required, we will receive it within 3-5 days of contract or will order a new survey. We are able to object to deficiencies on the survey.
9. If there is a mandatory Home Owner’s Association, we will receive these documents within 5-10 days after contract and we will have 5 days to review and object to these documents.
10. You will need to secure homeowner’s insurance. We can refer a qualified agent to you, or you can contact the agency currently carrying your auto insurance.
11. Prior to closing, we will receive a title commitment. The seller must pass a clear title at closing in order for the sale to close. This ensures that you, and only you, own your new home.
12. We will schedule closing at a convenient date and time for you, and the seller typically closes separately. If you cannot attend a closing in Austin, we will arrange a remote closing at a convenient location. 13. Make sure to turn on the utilities to your new home for the day of closing. You want to make sure you have hot water & electricity! 14. 2 to 3 days prior to closing, we will receive and review the settlement statement. This should match the Good Faith Estimate your lender provided you. If you would like to receive all closing documents prior to closing, please let your agent know, and we will take care of this request. 15. The day before, or the day of closing, we have the opportunity to perform a final walk-through of the property. 16. Closing occurs at the title company and usually takes about an hour. Make sure to bring your driver’s license & either a cashier’s check or wire the required funds to title beforehand. If you cannot attend closing, please notify your agent ASAP so that we can arrange a remote closing or a Power of Attorney. 17. You will receive keys to your new property after the property has funded unless otherwise dictated by the contract. Funding typically occurs 2-3 hours after the last party signs.
