Five Things That Happen from Contract Ratification to Closing

April 14, 2017

Congratulations! Your home’s under contract. You and the buyers have both agreed to the terms, and you’re excited to officially sell your home.

But there’s still work to do before you reach the settlement table. Here are five of the top time-sensitive items that you or the buyers will need to complete before closing.

  1. Home Inspection: Prior to the inspection contingency date, your buyers must schedule (and pay for) the home inspection, review the report and request any necessary repairs to you as the seller.
  2. Radon Inspection: The home inspector will typically also handle the radon testing or can coordinate this testing. The buyer is also responsible for scheduling and payment of the radon inspection.
  3. Appraisal: The appraisal must be completed by the expiration date of the appraisal contingency. The buyer’s lender will order the appraisal, typically after the home inspection.
  4. Financing: The buyers must have a loan commitment letter in place before the financing contingency expires.
  5. Termite Inspection: Before closing, you’ll need to schedule a termite inspection and remediate any uncovered issues. As the seller, you’re responsible to schedule and pay for this inspection, which is often paid on the settlement statement at closing.

These are only a few of the items that will take place after your home is under contract. Your real estate agent will work with you on the many other moving parts, ensuring your home is successfully sold.