When Your Offer Becomes a Contract  
Category: Buyers


          Congratulations!  You have completed a major step towards          

          moving into your “dream home.”         


          When Your Offer Becomes a Contract

          1.  The selling agent delivers the earnest money to the abstract company to be deposited, and all copies of the contract are receipted.

          2.   Receipted contract will be delivered to all parties.

          3.    You may receive from me a list of possible loan companies.
          4.    You select a loan company and arrange a loan application appointment.

          5.    If you wish, I will be glad to accompany you to the loan company of your choice, introduce you to the loan officer, answer questions pertaining to the property and contract, and wait while you complete the confidential portion of the application.  The appraisal and credit report will be paid at the time for loan application.


          6.    I can provide you with a list of inspectors from which to choose.  You select the inspector.  Your agent will arrange the appointment with the listing agent.  It is advisable for you to accompany the inspector.  Inspections need to be completed, repairs negotiated and the contract amended during the option period.


          7.   Talk with your insurance agent to determine insurability of the property.


          8.   Prior to closing, you will want to transfer utilities into your name.


          9.   Prior to closing, I will verify that all closing instructions are at the abstract company.


         10.   The progress of negotiated repairs will be monitored and all bills submitted to the abstract company.


         11.   The Realtors will coordinate closing appointments for the buyers and sellers.


         12.   Prior to closing, I will review a preliminary settlement with you.


          13.   Remember, you will need “certified funds” for closing.  This is a cashier’s check or money order, not a personal check.

          14.   I will accompany you to closing and notify you when funding is complete, the normal time for possession of the property.  Please be aware that closing and funding are rarely simultaneous.  In most cases, funding is later the same day, but is some cases you may not be able to move into the property until a day (or more) later.

          15.   I will present the keys to the property to you, the new owner, when funding is complete or according to alternate terms of the contract.


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Susan Palmer
Legacy Real Estate
4400 North Big Spring, Suite 101
Midland, Texas 79705
432/687-6500 Main
432/978-7816 Cell
432/687-6513 Fax


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