Sellers Roadmap
Escrow, Inspections, & Appraisal
The Title Company. The title company's job it is to examine and insure title to real estate. After researching the complete recorded history of your property, they willl certify that 1) your title is free and clear of encumbrances (eg. mortgages, leases, or restrictions) by the date of closing, and 2) all new encumbrances are duly included in the title.
Option Period. Most likely, your contract will contain an option period. This is a negotiated amount of time (generally 7-14 days) where the buyer has the unrestricted right to terminate the contract. Generally, this time is used by the buyer to have inspections and negotiate any repairs that might be needed. You are required to allow the inspector of the buyer's choice access to the property to conduct the inpection. The inspector is regulated by the Texas Real Estate Commission and has a specific list of items to review. These items start at the ground and go all the way to the roof. The inspector is required to point out any deficiencies or code changes found at the property but what repairs will be made are subject to negotiations between buyer and seller. As your agent, I will help you with those negotiations.
Loan Approval and Appraisal. We suggest that you accept buyers who have a lender's pre-approval letter, which is a better guarantee of loan approval than a pre-qualification. Expect an appraiser from the lender's company to review your property and verify that the sales price is appropriate.
