Live Oak Real Estate

You will first be notified by fax or email of a verbal acceptance and the clock starts ticking!

Once your buyer and the seller have agreed on price and terms, the clock starts ticking on the inspection period, the loan commitment period and the closing. Banks take these dates VERY seriously, and so you should also. NO REPAIRS WILL BE MADE AFTER ACCEPTANCE.

It will take a minimum of 7 days for a seller signed (or ‘executed’) contract to be returned to us. You should advise your buyer’s lender to commence the loan process without an executed contract. Most lenders are accustomed to the time delays with third-party sales and will begin the loan processing without undue pressure.

Remember that some bank-sellers will require the buyer to use their designated counsel.

It is your responsibility as selling agent to set up a closing time with the closing attorney. If you do not do this, we will set it up without conferring with you or your buyer.

When the executed contract arrives, we will forward it to you and to the closing attorney, along with specific instructions to the closing attorney.

The closing attorney will perform a title search and obtain title insurance, assuring your buyer of good title.
Occasionally, the seller is not able to deliver clear title due to a faulty foreclosure or other legal problem. This will cancel the contract and there will be no way to proceed with the purchase. The earnest money will be returned to your buyer.

Any extensions to closing date will require the written consent of the seller and may include a per diem (daily penalty amount) for a late closing not caused by seller.

Remember to get any inspections done within the time period stated in the seller’s addenda.

Watch the loan commitment date closely so that closing date is not delayed, meaning a daily penalty (per diem) to be paid by your buyer at closing.

At least a week before closing, make sure your buyer contacts his insurance agent and have them send an insurance binder to the closing attorney.

Arrange for utilities to be transferred into your buyer’s name effective on the date of closing.

Foreclosure closings can have delays on the seller’s part: Please tell your buyers not to rent a truck and not to move out of their existing home until you have received confirmation from the closing attorney that he/she has verified that closing will take place on a certain date and time. They cannot verify this more than 2-3 days before the scheduled close date.

After closing, be sure your buyers rekey their new property; Live Oak Real Estate uses a master key system.