CONGRATULATIONS on the SALE of Your Home!

This is an overview to assist you in understanding what happens next, now that you have a signed purchase agreement.

1) Inspection

After you have accepted an offer on your home, if it’s contingent on an inspection, the buyers will be scheduling their inspection through Showing time, the same way showings were scheduled.  Depending on the offer, inspections and all negotiations between you and the buyers need to be completed in the number of days specified on the Inspection Contingency.

Day 1 will count from the final acceptance date on the signature page of your purchase agreement. Inspections are at the homebuyer’s expense.

2) Townhome, Condo, or HOA Managed Single Family Home

If you are selling a Townhome or Condo that is governed by a Homeowner's Association, (HOA), you must provide the homebuyer with a copy of all Governing Documents and a Resale Disclosure Certificate.  You can order these from your HOA and have them emailed directly to you or to your Team Homes By Ash REALTOR, but we need a copy to ensure we are able to pass it along to the appropriate parties - such as the Buyer's REALTOR or Title Agent, etc. 

A buyer has a right to review these documents for 10 days from the date they receive the last item. This is a state-required contingency.

3) Well and/or Septic

If your home has a well or septic, it’s fairly certain the purchase agreement included a Contingency form for getting the septic certified and the well water tested.  This contingency will also include WHO is responsible for having these items completed and WHEN they need to be completed.  Please be sure to re-read this contingency in case there are items you are responsible for during the inspection contingency period. If you are responsible for the inspection your REALTOR will be able to assist you in finding reliable resources. You can also refer to the Team Homes By Ash Concierge Booklet provided to you.

As of January 11th, 2021, The Minnesota Pollution Control Agency (MPCA) has adopted amendments to rules governing subsurface sewage treatment systems (Minn. R chapters 7081 and 7082) regarding situations in which a state disposal system (SDS) permit is required rather than a local permit, and in which tank pumping is required for completing a compliance inspection on an existing SSTS.  Certification must be completed by an authorized and state licensed SSTS professional. Two bullets to know here...

- This affects anyone who has a sewer/septic system that passes between 0-10,000 gallons per day throughout the state of Minnesota
- If the system has been pumped in the past three years and was certified by an authorized SSTS professional at that time, this certification can be presented as sufficient documentation

4) Appraisal or Non-Cash Sales

Once negotiations from the inspection are completed, the buyer’s loan officer will order an appraisal. This will be scheduled through Showing Time. The appraisal determines the value verses the inspection determines the condition of your home. If the appraisal comes back at a value 'equal to' or 'higher than' the sale price, and no repairs are required, then nothing further is needed.

If the home doesn’t appraise, then we re-enter negotiations. At this time, an amendment is drawn up and the negotiations would need to be agreed upon by both parties and signed.

5) Title Company

As a seller, you have a say in which Title Company you use. The purchase agreement will be submitted to the Title Company that will be representing you. They will coordinate a closing date and time for closing with the Buyer’s Title Company.

Your Title Company will be in contact with you directly to complete a questionnaire and possibly a 10-year address history if you had not filled one out previously with your Team Homes By Ash REALTOR.  You will be provided a CLOSING NOTIFICATION from the Title Company stating where and when the closing will take place, and what will be needed at closing. And, any questions, concerns, or needs that come up during the title research and processing will be communicated directly to you during this time, however, your REALTOR will be kept in the loop on all relevant and/or urgent matters.

6) Utilities

Both you and the buyers should be contacting the Utility providers to notify them of the date you are closing. It is best to do this about 1-2 weeks prior to closing. If the buyer fails to do this, they may incur a ‘reconnect’ fee from the utility provider.  You want to let the utility providers know what day you are closing on the sale, and know many will ask for the name of the new buyer. The buyer's name can be found on page one of your purchase agreement. Contacting your utility providers will assure you are no longer responsible for utility billing after closing. 

7) Final Walk-Through

When the date of closing gets closer, the buyer’s REALTOR will schedule a final walk-thru. These are scheduled the same way that showings and the appraisal were handled. A final walk-thru is generally done a day or two prior to closing, OR up until the morning of closing.

8) Final Numbers

The Title Company will have reviewed all numbers from both the buyer(s) and the seller(s). They will have ordered official Payoff documentation of your mortgage to the date of closing if you have a mortgage and a Dues Current letter from your HOA if you are in a Homeowner's Association.

The Title Company will put together the closing documents including the ALTA/Settlement Statement. The ALTA will be provided to you by the Title Company for your review prior to closing. -The document will itemize your selling expenses and what your net proceeds will be at closing.

9) Closing

This is the term used for the last step in the sale of your home.  You will receive the final numbers for the sale of your home from your Team Homes By Ash REALTOR or your Closer prior to this day.  You will be reviewing and signing various documents at the closing. Your Team Homes By Ash REALTOR or Transaction Coordinator will attend the closing with you (unless restricted by closing policy) in case there are any last-minute questions that come up. 

Please allow 40-60 minutes for your closing. At the closing, you will be handing over the keys, garage door openers, mail keys (if applicable) and manuals, etc. regarding any mechanical items/appliances to the new buyers. -This is when you will receive any proceeds from the sale of your home!!!

CONGRATULATIONS and THANK YOU for your business!

Provided to you by Team Homes By Ash of Keller Williams Realty Integrity Northwest

612-701-8368 | Lisa@HomesByAsh.com | HomesByAsh.com