My buyers always want to know–now what? So here is a synopsis of what happens after the offer is accepted. At least in Oklahoma.
The earnest money check will be deposited into the listing realtor’s escrow account or the escrow account noted on the contract. Make sure the funds are available.
The contract will be turned into your lender, if you are getting financing. The lender should be calling you within a day or two to go over the loan and request additional information. If not, please call them and make sure they have a copy of your contract.
The contract will be turned into the title company. In Oklahoma, we are an abstract state, so the abstract will need to be brought up to date. The abstract is the document that shows the transfer of ownership from statehood until now. The title company will also hire a survey company to survey the property. This is done to verify that house is not violating the easements, building or property lines. The title company’s attorney will cleared the title or list any requirements needed for clear title. These items will need to be cleared by the time of closing. They could include liens, probate issues, improper releases, etc.
You or your realtor will schedule the home inspection and the termite inspection to be performed within the time reference dates. You, the buyer, will want to be at the inspection so that you can ask any questions and discuss any findings with the home inspector.
During the time reference period, shown in the contract, you will need to find who you are going to use for your insurance company. Insurance rates vary widely from company to company, so you will want to check around. You will not pay for this insurance until closing, but your lender and realtor will need this information.
Once the inspections are completed you will decide what repairs you will ask the seller to make for you or whether you want to continue with the contract or not. If during the time reference period, you decide you do not want to purchase the home you will need to sign a release. If you are satisfied with the inspections, you will need to sign a TRR (Treatment, Repair, and replacement form). This will be sent to the seller for them to review and accept, reject or make amendment.
I suggest that you wait until the inspections are completed and you know the out come as to whether you are satisfied or not and whether the seller is willing to make the repairs you want completed prior to giving your notice to you landlord. (If this applies)
The bank will send out the appraiser to measure the house and verify that the house is worth the amount you are willing to pay for it. If the appraiser requires any repairs, they will inform the lender. These repairs will need to be made prior to closing. The lender will send the appraiser back out to verify that the repairs are made.
Typically a day or two before closing, you will be notified that the loan is clear to close. The title company will prepare the closing statement which shows all debits and credits for the home purchase. Your realtor will then call you with the amount that you will need to bring to the closing table. This needs to be a cashier check or a bank wire, Not a personal check.
Remember to call the utility companies. The day of closing you will receive your key and can move into your new home. I do always suggest that you change your locks, since there is no way to know who might have a copy of the old key.
If you have real estate questions, please feel free to call me at 405-213-2992 or visit my website at www.sandiwalker.com.