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SELLER UNDER-CONTRACT TRANSACTION PROCESS

Once you accept a Buyer’s offer (or your counter-offer is accepted by the Buyer) your home is then “Under Contract" (in-Escrow). Although under contract, we still have much work to do to ensure a successful closing. Many of these steps will have strict deadline dates applied, and if not completed properly and on time, could cause forfeiture of the contract and loss of the sale. You might also be liable for a penalty amount equal to the earnest money due to the Buyer. Listed below are some of the steps to expect.

 

Remember, we are your Seller's Agent. We represent YOU. We are here to work for you, and look out for your best interests, so when we communicate with you, please communicate back promptly with us.

 

ACCEPTANCE

This is the date that the seller or the buyer accepts the offer, or last counter-offer, hereby placing the property under contract. Many dates throughout the transaction process may be based on the "Acceptance Date".

 

EARNEST MONEY TO BE DEPOSITED

The Buyer may turn in Earnest Money with their offer, but more often the Earnest Money will be due within "1 business day upon acceptance" as stated in the Real Estate Purchase Agreement (RPA). The Earnest Money is normally deposited with the Buyer's real estate brokerage to be held in a real estate trust account until closing.

 

PROVIDING THE SELLER'S DISCLOSURES

This is the process where you as the Seller are required to provide to the Buyer information relating to your home. Below is the list of items you will need to provide. This is usually completed within 1 week from the Contract Acceptance Date.

Seller Property Condition Disclosure - filled out forms, signed and dated from Seller.

Commitment for the policy of Title Insurance, showing any known easements, encroachments and liens.

HOA information, budget, minutes, assessments, CC&R's, and survey, water rights if applicable.

Copy of any leases, rental, and property management affecting the property not expiring prior to closing.

Notice of any claims and/or conditions relating to environmental problems & building or zoning code violations.


BUYER'S DUE DILIGENCE (Evaluations and Inspections)

This is the time period provided to the Buyer to learn, review, and inspect your property, and decide if the condition is acceptable. This is usually completed within 2-3 weeks from the Contract Acceptance Date.

The Buyer will carefully review all items provided in the Seller's Disclosures.

The Buyer may schedule physical condition inspections, tests and evaluations of the property.

The Buyer will review the costs, terms and availability of homeowner's insurance for the property.

 

BUYER'S RIGHT TO CANCEL OR RESOLVE OBJECTIONS

If the Buyer determines from his Evaluations and Inspections that the property's physical, title, or legal conditions are unacceptable, the Buyer may:

No later than the Due Diligence Deadline, cancel the contract by written notice to Seller.

Or no later than the Due Diligence Deadline, resolve in writing any objections.

 

This also must be completed by Buyer within the Buyer Due Diligence time period. If they cancel within this time period, they get their full earnest money back.

 

FINANCING, APPRAISAL AND ANY REMAINING CONTINGENCIES

In the final steps of the transaction we will coordinate and complete any remaining details. This is the Buyers last deadline to cancel the contract (based only on financing/appraisal issues) and get their earnest money deposit back. This is usually completed within about 30 days from the Contract Acceptance Date.

Is the sale contingent upon an appraisal?

At what amount did the property appraise?

How is the Buyer's financing going? Are they fully approved to close from underwriting?

Are there any last minute issues for securing their mortgage?

Was the sale contingent upon the Buyer selling their previous home?

Final pre-settlement walk-through inspection.


SETTLEMENT (Closing)

You can complete your side of Settlement from your home state. The documents can be FedExed or Emailed. We help coordinate these details with the title company. In Nevada, all closings are performed by title companies. Settlement, and then Closing shall take place only when all of the following occur:

Buyer and Seller have signed all documents required by Title, Lender, etc.

Any monies required to be paid have been delivered by Buyer and/or Seller.

The proceeds of the new loan have been "funded", then all closing docs are "recorded" at the County Recorder.

Hand off keys, garage door openers, manuals, warranties.

Help you to find a new home in this area or offer relocation assistance.


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Team Beckers - Find real estate listings, homes for sale, houses for rent, and property records, as well as school and neighborhood information in Las Vegas, Summerlin, Henderson, Lake Las Vegas and North Las Vegas. Team Beckers - Realty One Group fully supports the principles of the Fair Housing Act (Title VIII of the Civil Rights Act of 1968), as amended, which generally prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).

 

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SELLING YOUR HOME PART 2, Team Beckers, Las Vegas Real Estate Listings, Homes for Sale, Realty One Group 8395 W. Sunset Rd. Suite 190 Las Vegas, NV 89113