I’m in Contract . . . Now what do I do?

I’m in Contract . . . Now what do I do?

It’s certainly a wonderful feeling to have a ratified [with confirmation of acceptance] Offer. You are now in contract!

Here is what the SA [Selling Agent] needs to do immediately.

  1. Call the Title Company and open Escrow.
    1. You will need to tell the Title Officer who will “open” escrow and give you an Escrow#.

      1. Names of Sellers with contact information
      2. Names of Buyers with contact information
      3. Name of cooperating Broker & Agent with contact information
      4. Name of Lender with contact information.
      5. Name of HOA [if applicable] and contact information.
  2. Email a copy of the fully ratified contract [including any counter offers and addenda]:
    1. To the Title Officer.
    2. To the Lender.
  3. Set up transaction in Command [or have TC set up for you].
    1. Upload completed documents to Command and submit to MC for Broker Review within 1 days. [if using TC, TC will do this for you].
  4. If using a TC [Transaction Coordinator]:
    1. Send all completed documents [PDF] to TC.
    2. TC will upload completed documents to the Command Checklist for Broker Review within 1 days.
    3. Tell your TC who you have sent copies of contract documents to.
    4. TC will send Letter of Introduction & Timeline to you and the cooperating agent.
  5. Meet with Buyer to go over the BIE [Buyer Inspection Elections].
  6. Call appropriate Inspection Companies to arrange inspection dates & times.
  7. Call the LA [Listing Agent].
    1. Give LA all of the Escrow & Title Information with Escrow#.
    2. Set up inspection appointments [time & date] with the LA.

There is a lot more you will have to do, but these are the most immediate things to take care of.

 

in Buyers