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6. Execute the Contract

February 21, 2024 - 4:27 PM EST

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6. Execute the Contract

Once an offer has been accepted by both buyer and seller, a binding contract is created. You and the seller now have a legal duty to one another to finish all the tasks necessary to fulfill your contractual obligations and complete the transaction.

This is no time to coast, there’s still work to be done to get to the closing table. Good thing your team is there to guide you and take care of everything according to your instructions!

Typical Buyer Responsibilities

  • Track financing or loan process and remove any financing contingencies.
  • Schedule and attend property inspections and other vendor services.
  • Order a title search to ensure that there are no outstanding liens, claims or encumbrances on the property prior to purchase (e.g., undisclosed easements or a lien recorded against the seller for unpaid taxes). This is your opportunity to discover and demand correction of any title defects that wouldn’t be covered by your title insurance.
  • Arrange title insurance.
  • Arrange homeowner’s property insurance.
  • Remove inspection contingencies as specified in the Offer to Purchase and Contract, potentially negotiating repairs or allowances.
  • Review completed repairs, if any.
  • Arrange certified funds for cash needed to close.
  • Conduct a final walk-through to confirm the property’s condition just before closing.