The Real Estate Sales Process Walkthrough: from Listings to Closing
Don’t think this is necessary? There are instances where an inspector will say something about an element of the property (like the fireplace will need to be replaced in the next 5 years) and your buyer may panic. In their head, they might perceive this as “the fireplace needs to be replaced immediately, otherwise the property isn’t suitable.” By being present, you can deal with these concerns, keeping your buyer calm and on track to close the sale.
Take it down from the MLS, your website and any social media advertising you’ve been running for it. Organizing the seller from the earliest stages of the sales process (staging their property and getting their documents in check) can make a massive difference in how quickly and swiftly the sale will go. The real estate sales process can be a long one. But the longer it lasts, the more time your seller will be out of pocket, and the more time your agency will have to spend on finding a buyer. Ideally, you want to close a property sale as quickly as possible (without the seller feeling rushed).
Once the purchase agreement has been signed by both parties, it’s time to hand over the property documents to the new buyer. Any water, sewerage and property tax bills: If your seller’s property is hooked up to municipal sewerage and water, you’ll need to have proof that everything is paid up for the closing. Seller’s insurance policy: Typically, your seller will need to make sure the property is insured prior to the final closing of the property so the buyer is protected. And there are a lot of them. The best way to make this as painless as possible is to collect everything from your seller during the sales process and keep it on file.
Pro-tip: You and your seller can avoid a final negotiation by being as transparent as possible with buyers throughout the sales process. Make sure you include every cost in the purchase agreement. The buyer’s agent will draw up a formal contract, which the buyer will sign before sending it over to you and your seller. The next part of the process: signing the purchase agreement. Take the time to explain everything to your seller and review it with them before they sign it on their end. This includes transactions such as title and tax searches, adjustments (if they were necessary) and prepaid taxes. A foolproof purchase agreement will outline any payments and credits that are owed to your seller and any payments that are due from the buyer.
