After contract is signed. What is next?

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  • After contract is signed. What is next?

What to do after you have signed the contract.

Understanding how the process works makes it less stressful.
Please read info below, watch video, or contact us with questions.
 

8/9/25

Once the contract has been signed and dated (executed):
* The buyer agent or buyer has 3 days (after the effective date) to turn in the contract, earnest money & maybe option money to the Title Co.
* If the money is not turned in within 3 days, we need to find out why and maybe terminate the contract (sometimes they just need a little more time).

Survey:
* If you have a survey, email a copy along with T-47 Affidavit (print & fill out) to the Title Co, & buyer agent. The title co. info is on page 1 or 2 of the sales contract.
* The title co will order a survey if necessary.
* On the T-47 you are the "Affiant"
* The "GF No." will be assigned by the Title Co., so do not worry about filling in this part.
* The purpose of the T-47 let the title co know if there have been any changes to the outside of the property that might affect the survey since last survey.
* Do the items above quickly, there is a deadline on paragraph 6C1 of the sales contract.
*** If the buyer is buying a new survey, you will NOT do any of the above ***

HOA:
* If you are in an HOA, you will need to contact your HOA and get your "subdivision information" to the Title Co. & buyer agent
* The HOA may charge fees to get this information. You will need to pay.
* There is a deadline to get this done on the "HOA Amendment" paragraph A.
* If there is a fee to do this, wait until after the option period is over and repairs have been negotiated, unless the deadline is less than the option period.

 
Option Period:
How to prepare for the home inspection!
* This is normally a 7-10 day period where the buyer does their home inspection. This is where the buyer has the right to terminate the contract for what ever reason and get their earnest money back. Think of this as "round 2" of negotiations but it is dealing with repairs and this is where many deals do fall apart.
* Make sure all utilities are on before the inspections
* The inspector should set time through the showing appt service.
* Please do not be at the inspection
* Do not ask for the inspection report unless you would want to share it with future buyers

* It is best to negotiate a dollar amount in lieu of doing the repairs for 2 reasons:
From buyer's point of view – they can hire vendors they are comfortable with, for the best job and get warranties.
From seller’s point of view – should the deal fall apart for whatever the reason, you will not waste your money and time doing the repairs.


Once we are past the option period - Pending Status
* Once the option period is over, you are headed toward closing and we will be less involved.
* You will need to keep in contact with the title company for the rest of the process since they will facilitate the closing.
* They will probably be in contact with you:
  • To get information about your mortgage and other seller info.
  • If your property is located in a mandatory HOA they can help you with this and guide you on your responsibilities.
  • They will be the ones that will schedule your closing time.
  • They will know more about how the loan process is proceeding, since they will be in contact with the mortgage company.
  • Appraisal is normally done later in the process
  • Appraiser almost always sets the appointment through the showing service
  • Once the appraisal is done, we do not hear anything unless the home did not appraise (no news is good news)
  • It is very common for buyers to do a final walk-thru the day of or day before closing.
  • When you go to closing it is best to take one key for access and leave all other keys, door openers, etc....on the kitchen counter.



Keep in mind that even though your home is under contract, it is not a done deal until it has closed. It common for the closing to be delayed a few days, and some contracts never close due to inspection, appraisal or the buyer not being able to obtain financing.
 


How to prepare for the home inspection: