Michael’s seller clients really appreciate his services in listing, marketing and getting a buyer signed on the dotted line on a purchase contract. However, neither they nor he can rest just because a contract is inked. There are more than 50 tasks and deadline deliveries on his normal residential seller side real estate transaction checklist. And, he takes his responsibilities seriously in the processing of all documents and meeting of all deadlines.
The process of taking a signed purchase contract through to closing involves a great many details, deliveries and document submissions. He coordinates all of this for his sellers, making sure that all phases of the closing process move along smoothly.
- Title – Michael works closely with the title company and attorneys to make sure that all documents and deliveries are processed in a timely manner. He works with his sellers to examine all of their title and recorded documents to uncover all material defects and items of importance. Though this is normally of more concern to the buyer, sellers must respond to their objections, so it’s important to know what’s in all recorded documents. Example: while there are normally few items in a title binder that can be corrected as they’re recorded and pass with the property, sometimes there are requirements or exceptions that weren’t expected but must be addressed. With the more careful lending environment, more “quit-claim” deeds are being required as one example. Perhaps you have a previous divorce and the lender wants better protection against claims and will require a quitclaim deed from your former spouse.
- Inspections, Survey & Appraisal – Michael’s job is to coordinate access for inspectors and the appraiser, and to accept deliveries of reports as well as any objections or correction requirements from the buyers. He takes this job seriously and will be with his sellers every step of the way. Every instance of delivery of an inspection and/or buyer objections requires a response in most cases, and there are deadlines. He stays on top of these deadlines, makes sure reports are delivered to you on time or extensions are put into place, and that you respond within required time lines. Failure to do so could obligate you to repairs or other corrections or kill the deal.
- Repair Negotiations – If the buyer submits requirements for corrective actions to items on reports, he works with our sellers to determine the cost of those requirements and the appropriate response necessary to keep the deal going in a way beneficial to his seller clients. Should you agree to make certain repairs, there will be deadlines associated with completion, and possibly requirements for the buyer’s inspector to return and re-inspect for completion and repair quality. He keeps all of this on track for you, and can recommend contractors he knows do quality work at fair prices.
- Lender Document Coordination – One of the leading causes of delayed closings is some problem with funding due to lender last minute requirements or other document demands. He is monitoring all document flows to make sure this doesn’t happen for his sellers. As the seller, you aren’t getting a mortgage, but you need to be very concerned with the buyer’s ability to do so and their lender’s process and ability to meet deadlines and fund at closing. Mortgage problems kill a lot of deals, so he’s going to be involved in the buyer’s process to protect you, his seller client.