Understanding the Contract-to-Close Journey
Once we have a property under contract, my work begins in earnest. The entire journey involves numerous steps, and I rely on a comprehensive 62-step checklist to guide us through the basics. It’s important to note that the process can vary significantly depending on whether we’re representing the buyer or the seller. Regardless of the challenges that may arise, our dedicated team is here to support you every step of the way.
Step 1: Executing the Contract
The first action I take after securing a property under contract is to verify that the contract is fully executed. This means checking for any discrepancies or missing signatures. Once everything is in order, I send out wiring instructions to the buyer, allowing them to wire their escrow deposit to the title company.
I also send an email to all parties involved—agents, title company, lender, and others—detailing the most relevant information about the transaction. This proactive communication helps ensure that everyone is on the same page, which is vital for a smooth closing process.
Step 2: Scheduling Inspections
Following the execution of the contract, my next priority is to schedule the necessary inspections within the time frames specified. Coordination is key here; I work with all parties to set inspection dates that accommodate everyone’s schedules.
Once the inspection is complete and the report is available, I assist the buyer’s agent in discussing potential repair requests with the buyer. If the buyer chooses to request repairs, those requests are forwarded to the listing agent for discussion with the seller. After the seller completes any necessary repairs, the buyer has the option to re-inspect the property to ensure that all issues have been addressed.
Step 3: Appraisal Coordination
After resolving any inspection-related issues, I ensure that the lender orders the appraisal. Similar to the inspection process, scheduling the appraisal requires careful planning. I often send an agent to meet the appraiser and provide comparable sales data (comps) from the last ninety days, supporting our purchase price.
Our goal is to secure an accurate appraisal that aligns with the buyer’s offer, as this is crucial for loan approval.
Step 4: Follow-Up with Lender and Title Company
Once the appraisal is complete and deemed satisfactory, much of the process shifts to the lender and title company. I maintain constant communication with both to ensure we are progressing toward loan approval. This includes following up on all title work and ensuring that a property survey is ordered.
Additionally, I remind buyers to secure their homeowner’s insurance, which is a requirement for loan approval. I also provide utility information to help them set up services in their new home before closing.
Step 5: Final Preparations for Closing
As we approach closing day, my responsibilities expand to include several critical tasks:
- Home Warranty: If the contract allows for one, I assist in ordering a home warranty for the buyer.
- Settlement Statement: I ensure that clients receive a copy of the settlement statement prior to closing.
- Wiring Instructions: I provide buyers with instructions for wiring their funds to the title company, ensuring they are well-prepared for the final transaction.
Making the Process Stress-Free
My ultimate goal is to guide you to closing with as few bumps along the road as possible. Whether you are a buyer or a seller, moving can be a stressful experience, and I am dedicated to minimizing that stress. The Jean Scott Team understands the importance of a smooth transaction, and we are here to make your home purchase experience as enjoyable and seamless as possible.
If you have any questions or need assistance during the contract-to-close process in Florida, please don’t hesitate to reach out. I look forward to working with you and making your real estate dreams a reality!
