Congratulations, you're on the home stretch of selling your home! Once you and the buyer have agreed on a price and terms, the deal moves into a pending status. But what does this mean, and what comes next? Here's what to expect during the closing process.
A pending sales agreement is the formal contract that outlines the agreed-upon price, terms, and conditions of the sale. This agreement also includes various contingencies and conditions that both the buyer and seller must satisfy before the deal can officially close.
These contingencies could include home inspections, financing arrangements, and any agreed-upon repairs or improvements. Essentially, they are the "if this, then that" clauses of the contract, providing both parties with an exit strategy if certain conditions aren't met.
The closing date, or the day when the property officially changes hands, is typically set 30 to 60 days after both parties sign the pending sales agreement. This time allows for all inspections to be completed, financial arrangements to be finalized, and any agreed-upon conditions to be met.
During this period, it's crucial to stay in close contact with your real estate agent. They can help navigate any unexpected issues that may arise and keep the closing process on track.
Finally, once all contingencies are cleared, and the closing date arrives, the sale becomes final. You'll hand over the keys, and the buyer becomes the new owner of the home. It's a moment of celebration, marking the successful conclusion of your home-selling journey!
Remember to check our LOCALS Directory for any additional resources you may need during the closing process, including real estate attorneys, moving services, and more. We hope this guide has been helpful, and we wish you every success in your home selling adventure!
A pending sales agreement is the formal contract that outlines the agreed-upon price, terms, and conditions of the sale. This agreement also includes various contingencies and conditions that both the buyer and seller must satisfy before the deal can offi
Apart from home improvements, another critical conversation to have with your real estate professional is timing. Understanding the current market conditions is essential to making an informed decision about when to sell.
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