The team here at the Law Offices of Galanopoulos and Galgan strives to ensure the property-selling process is simple, efficient, and stress-free. Every real estate transaction is different, but here’s how the process generally looks when you work with our team:
- Contract Acceptance: Once the Buyer makes an offer, the Seller accepts and the parties work together to draw up a contract.
- Document Preparation: Our office will order a preliminary Title Commitment as soon as we receive the contract. This will give us notice right away as to what is needed to clear the title to the property. We will also send the Seller an engagement letter with a list of items our office will need from them to do so.
- Home Inspection: Unless the home inspection is waived, the Buyer has the right to have the property professionally inspected. Typically, this must be done within five business days of the acceptance of the contract. If the contract is signed “As-Is,” the Buyer has the option of moving forward or canceling the contract based on the findings of the home inspection. If the contract is not signed “As-Is,” then the Buyer may ask to have any findings addressed by the Seller or to be provided a closing cost credit. Remember, the Seller does NOT have to agree to the Buyer’s requests, and at that point, the Buyer can still choose to cancel the contract.
- Attorney Review: Generally done at the same time as the home inspection, one of our attorneys will review the terms of the contract and will draft a letter to the Seller’s attorney proposing modifications to the contract. We will coordinate with the Seller’s attorney by letter until an agreement is reached or the contract is canceled because the parties cannot reach an agreement.
- Village Requirements: Many municipalities have requirements, such as inspections and final water readings, that must be met before they will allow a Seller to close on their property. Our office will reach out to you if you are selling in a location that has any unique requirements, giving you ample time to schedule the necessary appointments well in advance of closing time.
- Signing Closing Documents: While welcome to attend, Sellers typically do not attend the closing. Our office provides the option to sign the paperwork ahead of time – either at our office or via email and trackable direct mail. We will also coordinate how the Seller would like to obtain their proceeds from the sale at this time.
- Financing Contingency: Unless the Buyer is paying in cash, this is the final step that needs to be taken before closing the deal. The file cannot be scheduled until the lender provides the Buyer with a “clear to close” notice – meaning all requirements have been met by the lender and they are ready to close.
- Final Walk-Through: The day before or the morning of closing, there is usually a “final walk-through” of the property. This is typically set up by the real estate agents unless it is a “For Sale by Owner” and agents are not involved. This is the time for the Buyer to make sure the property is still in the same condition as it was when the contract was signed and that any agreed-upon repairs have been completed. At this time, the Seller should have the property cleared out and in “broom clean” condition. Remember, the Seller should leave all utilities in their name until the closing is officially over
- Closing: The final step is when the closing takes place, the long-awaited moment you’ve been looking forward to. Our office will call the Seller to notify them when the deal is officially closed and will send a folder with all the final paperwork.