Selling a Home

 




Managing the Transaction

Once you, the seller, have accepted an offer . . . a clock starts ticking for the buyer who has several deadlines to meet. In all ordinary circumstances, the buyer will have a few days within which to have the property inspected by a licensed home inspector who will thoroughly examine the home's structural components, security from the elements, mechanical systems and safety features. Any evidence of wood-destroying insects will be reported. Testing may also be done for radon, water and septic systems, mold and other environmental issues.

If any aspect of the inspector's report . . . is not satisfactory to the buyer, the buyer may withdraw the offer without penalty. That contingency is a protection for the buyer under Connecticut law.

Often a buyer will request certain repairs . . . or a concession toward the cost of those repairs, following the inspection. Reasonable requests should be considered. And the negotiating should be done by the agents according to their clients' instructions.

Once any inspection issues have been resolved . . . the buyer moves toward the next contingency in the sales contract: the mortgage commitment. If the buyer is unable to get financing because of credit problems that were not initially apparent or because the property doesn't appraise for the amount of the loan or for any other reason, the contract is canceled and the buyer's deposit is returned. That's why a buyer with a 20% down payment available may be much more desirable than one who's offering a $500 cash deposit and proposes to get a no money down mortgage.

I stay in regular contact with the buyer's agent . . . for progress reports on the loan process and to manage the ongoing logistics of the sale. The next event, the buyer's mortgage commitment, is the decisive one.

Once the financing is in place . . . your attorney will prepare the deed by which you'll transfer ownership of the property to the buyer, various other documents and tax forms and will schedule the closing with the buyer's attorney.