Real Estate Bargains

4 Responses to “What Happens After You Sign A Purchase Agreement For Selling A Home? When Can We Expect To Close?”

1. Ryan B on August 28th, 2009 at 8:02 pm

   Usually the closing is within 45 days. You’ll want to put the exact number of days in the contract. In Kentucky our Realtor contracts say “Closing of this transaction shall occur no sooner than ___ calander days nor later than ___ calander days from the date of acceptance of this contract (acceptance date not included).” 45 days give the buyers time to schedule an apprasail, home inspection, and any other inspections they need to complete. It also gives the lender plenty of time to turn the appraisal and all other paper work in to the underwriters so everything can be completed and ready to go prior to your closing date.
   Also, in your contract make sure you state how many days the buyer has to complete their inspections and what kind of response times you’ll have. For example, our contracts here in Kentucky say “Within ___ calander days of acceptance of this contract (acceptance date not included) Buyer and/or Buyer’s Representatives may inspect the property for any purpose at resonable times at Buyer’s expense. If Buyer requests Seller to make repairs, corrections, or or replacements, Seller shall respond to Buyer’s request within ___ calander days from Buyer’s written notification to Seller. If Buyer and Seller cannot agree on which items should be repair, corrected, or replaced, or on payment of same, Buyer has ___ calander days following the Seller’s last response to notify the Seller in writing that Buyer either accepts the property “as is” or that Buyer voids this Contract.”
   This is a lot of technichal info but it’s important to have this in your contract. I’d be happy to forward you a copy of our contract we use here in Kentucky. It was written by the Kentucky Real Estate Commission and it’s really good. It covers everything to protect the sellers and the buyers. Just send me an e-mail (BandHomes@yahoo.com) if you want me to forward that to you.
   Good Luck!!!

2. Christy H on August 28th, 2009 at 8:27 pm

   If only it were at plain and simple as Carl makes it out to be. Make sure you have a good contract to follow that was written by an atty. If you can get the one from the guy who offered to e-mail it to you I would. There’s a lot of different things that you want to make sure you cover with your contract.
   Christy H.

3. gtofinan on August 28th, 2009 at 11:10 pm

   You determine this between you. Closing is what the 2 parties decide on in the purchase contract. This is part of what the contract spells out. You should contact an agent and make sure things are handled correctly.
   Here is some additional info. Hope this helps.

4. carlsbad on August 29th, 2009 at 4:54 am

   Let me give you the short and sweet answer.
   After you sign the contract, the buyer must remove all contingencies. (pest inspection, appraisal, loan approval, etc.) Then you both sign a document saying that all contingencies have been removed, and the buyer can’t get the deposit back if he/she backs out. Then, you just pretty much wait for the buyers loan to get approved. once the loan is approved, the buyer will sign docs and shorty after, you get your money. After that, you move out and give your buyer the key, that’s all there is to it.