You've cleaned and fixed and rearranged to show off your home's charms, and put up with strangers tromping through your private quarters. And now you have an offer! What's next?
Once the potential buyer has signed the real estate agent's standard contract, you both have three business days to have an experienced attorney, like Adam Schneider, review it. Adam will make sure there is a mortgage contingency in your contract. That means if the buyer cannot obtain mortgage for your property, the deal may be called off.
The buyer will get your house inspected. If the inspector finds evidence of structural or other damage, the buyer can renegotiate to have you repair the problems or find another mutually acceptable solution.
You will need to have your municipality inspect your home to be sure smoke detectors, carbon monoxide detectors, and fire extinguishers are in place and the home is habitable. They will then issue you a certificate of occupancy, or CO.
At the closing, the buyer will have to opportunity to do a walk-through of your home to make sure your belongings are cleared out and that no damage has been left behind. They will meet with their attorney to sign all mortgage documents and make all necessary payments. Then you, accompanied by your attorney, will sign the closing documents and make seller payments, such as the real estate transfer tax and the real estate agent's commission. Now it's time for you to turn over the deed and keys to the new owner.