Buyer Accepted Offer Now What?

• Once both sellers and buyers have signed the purchase agreement- make sure the listing agent has a copy.

• Send a copy of the purchase agreement to title.

  • Buyer agent and/or Buyer pick the title company

• Send a copy of the purchase agreement to the lender. (Not necessary if paying cash)

• If property is subject to TISH/POS Truth in Housing/Time of Sale Inspection (city specific) ensure that it has been completed and report or certificate are available.

  • https://www.structuretech.com/truth-in-housing (Cities that require)

• Submit the Sales folder for review once you have the executed/signed PA.

  • How to submit for review/audit

  • Once audited by office staff - status of the loop will be updated (approved or returned to agent)

  • If returned to agent, correct audit items and then send message through Dotloop advising audit items have been completed.

    • How to check audit issues

Earnest Money

• Buyer to submit earnest money to the correct brokerage or title office within 2 business days of final acceptance date. (Trustfunds or check)

  • Refer to page 1 of purchase agreement

• Once HOA documents have been received from the listing agent. Give to buyer to review.

• The documents or package must include the following:

  • Resale Disclosure Certificate (Buyers must sign this documents within 10 days of receiving)

  • Covenants, Conditions, Restrictions, Bylaws, Amendments, or Supplemental Declarations etc.

  • Declaration of the Association (and Master Association, if any)

  • Rules and Regulations for the Association (and Master Association, if any)

  • Projected Annual Budget of the Association

  • Articles of Incorporation for the Association (and Master Association, if any)

• Buyer has 10 days to review documents starting the day the documents are received and sign the Resale Certificate if buyer is satisfied with documents.

• Once buyer signs Resale Certificate give copy of Certificate to listing agent.

Inspections-If Applicable

• Buyer contacts inspection company to schedule inspection within inspection contingency timeframe. (If Applicable)

  • Buyer is responsible for cost of home inspection

• If Well and/or Septic inspection is necessary, refer to Addendum to purchase agreement: Subsurface Sewage Treatment System & Well inspection contingency.

  • This document will outline who is responsible for obtaining the tests/certificate of compliance.

• If offer is contingent of inspection- work with buyer and listing agent to agree on terms for repairs.

  • An Amendment to Purchase Agreement will be necessary to notate the repairs. Buyers and sellers both must sign the document.

• Once inspection period/HOA contingencies are lifted verify property is Pending on MLS with your correct agent information.

  • If not reach out to listing agent.

Appraisal

• Lender is responsible for ordering the appraisal.

  • If buyer has financing an appraisal will be necessary.

• Follow up with lender 1-2 weeks after appraisal to ensure property met value.

  • If not, buyer and seller might negotiate to reach agreement on sale price of property unless clause was included in purchase agreement regarding low appraisal.

Prior to Closing

• Advise clients to contact utility companies to give move in date. (Can be found on city website)

• Advise clients to contract trash company for move in date.

• Make sure all inspection items (if any) are taken care of and receipts/paid invoices have been provided

• Order home warranty if applicable.

  • Found on purchase agreement around page 9 depending on the type of sale.

Final Walk Through

• Schedule final walk through either day prior to closing or day of.

• The buyer(s) will check to make sure that the following are complete:

  • All repairs have been made per the inspection amendment (if applicable)

  • Items included in the contract remain in the home

  • Home is nearly/completely empty and broom clean.

After Closing

• Review closing check and alta to ensure everything is correct.

• Drop off check to the office if you are present or have the check mailed to the office

  • 11671 Fountains Drive STE 200, Maple Grove MN 55369

• Make sure all audit items in DotLoop have been cleared up

• Make sure commission board is entered and correct.

• Once everything is completed and check arrives to the office prior to 3pm- check will be processed same day and in bank account the next business day.