What Happens After I Accept an Offer on My House?
You had gone through all of the steps to selling your home and now you just signed an offer to “seal the deal” with the buyer. You may ask what’s next? Once both seller and buyer has an executed contract, we are now in escrow process. There are many details and deadlines that are a factor in this period for home seller. Let’s take a look at some of the most common elements that will come into play during escrow process.
Complete Seller Property Disclosure Statement (SPDS)
If you have not complete the Seller Property Disclosure Statement, you will need to complete it now. Per Arizona Residential Resale Contract section 4a in Disclosure, seller shall deliver a completed AAR Residential SPDS form to Buyer within three (3) days after Contract acceptance. Most agents will ask sellers to complete the SPDS at the beginning of the listing process. If you don’t have chance to complete it earlier, now you have 3 days.
Provide Insurance Claims History
Per Arizona Residential Resale Contract section 4b in Disclosure, seller shall deliver to Buyer a written five (5) year insurance claims history report regarding premises from Seller’s insurance company within five (5) days after contract acceptance. Seller can call their homeowner insurance agent to provide this insurance claims history report.
Complete Lead-Based Paint Disclosure
Per Arizona Residential Resale Contract section 4d in Disclosure, if your home were built prior to 1978, seller shall notify Buyer of any known lead-based paint in the home. Home seller can disclose this information by completing Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards form.
Complete Affidavit Disclosure
Per Arizona Residential Resale Contract section 4e in Disclosure, if your home is located in an unincorporated area of county and five (5) or fewer parcels of property other than subdivided property are being transferred, Seller shall deliver a complete Affidavit of Disclosure form required by law to Buyer within five (5) days after Contract acceptance.
Provide Information to Escrow Officer
Once escrow is opened by buyer’s agent, seller will receive introductory letter from escrow officer. The escrow officer will ask for your information, HOA information, mortgage pay off information, IRS and FIRTA reporting and so on. One of the key document is how do you want to receive the proceed, wired or check. Keep in mind that many banks today place a hold on large checks, so if you need these funds immediately, consider having funds wired. Be sure to complete and return these forms in a timely manner.
Prepare for Home Inspection
Per Arizona Residential Resale Contract section 6a in Due Diligence, buyer has 10 days to do inspection after Contract acceptance. As a seller, be sure the home inspector can access all areas, such as the garage and attic. It is fine to have items in the garage, be sure there is clear access to water heater, if the water heater is located inside garage.
Sellers should plan to leave the house during the inspection. The home inspector should take from 2 – 4 hour to complete the inspection. Typically a buyer and their agent will meet the inspector at the end of the inspection for a walk through. Be sure to remove any dogs or cats or put them inside cage during the inspection.
Making Repair
Buyer most likely will ask for repairs base on home inspection findings. Once the seller has agreed to repairs, the next step is to get the repairs completed in a “workman like manner” according to the Arizona purchase contract. Sellers are also required to submit any paid receipts evidencing the repairs 3 days prior to closing.
Prepare for Appraisal
If the buyer purchasing with mortgage, the lender will arrange for a professional appraisal. The appraisal is generally a brief 20-30 minutes, and you, the seller, do not need to be present. The appraiser will look at all rooms, measure the rooms and look at the exterior of the property. The appraiser is looking at the house to understand the property condition and updates, so the lender can be confident that the amount of money it’s lending to the buyer is in line with the market value of the home.
Performing a Title Search and Ordering Title Insurance
The escrow officer will be responsible to these tasks. This process confirms that you, the seller, have a clear title on the home. Title insurance protects the buyer against possible liens, improper or falsified documentation, and other risks associated with property ownership. In Arizona, it is the seller’s obligation to provide title insurance to the buyer.
Homeowners Association’s Documents
The escrow officer will contact the HOA representative to obtain documents such as bi-laws, covenants, conditions & restrictions (CC&R) and available funds in the association’s account.
Start Packing
Once your house is under contract you will want start packing and contact movers for estimates and scheduling if you are planning to use a moving company. The closing date on your contract is the date when ownership is transferred from the seller to the buyer, aks closing day. This means you need to vacant the house by the closing day.
Schedule Signing Closing Documents
Sellers can sign their closing documents several days prior to the closing. Be sure the title company has your information to ensure your seller proceeds are sent where you want them. Your proceed will only be disbursed on the closing day.
Cancel Utilities Service
Do not cancelling your utilities early, as buyers need to complete a pre-closing walk through. Per Arizona Residential Resale Contract, utilities need to be turned on during inspection and buyer pre-closing walkthrough period. Schedule your utilities to be turned off the day after closing.
Seller Pre-closing Walkthrough
Conduct a seller pre-closing walkthrough to see whether you miss anything. Did you leave any dishes in the dishwasher or baking tray inside the oven drawer? Did you pack and move the patio furniture?
Remember to Leave the Key
Leave your additional house keys and mailbox keys on a counter or in a kitchen drawer. Leave a note with the location of the mailbox and the mailbox number. Don’t forget the garage door remote opener. If you have a keypad on the garage door, write that down as well. Don’t forget any other keys the buyer would need, such as a key if there is a lock on the electrical panel or outdoor shed. What about a community pool key or clubhouse key? The buyer also appreciates information on trash day schedules.
Selling your home in Chandler AZ
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