So you’ve received an offer on your home, accepted it, signed on the dotted line, yadda yadda yadda. Now you want to know what the selling timeline is. There are a few dates, appointments, and other requirements that must happen before subject removal can take place. Here’s what you can expect between accepting the buyer’s offer and removing subjects over the course of a typical transaction.
Sometimes buyers forgo the inspection altogether if the home is strata title, new construction, or if the building will be torn down. Generally, however, the home inspection will take place as early as possible in the selling timeline after the initial accepted offer. Either the home inspector or your REALTOR® will get in touch with you to arrange a time and date. It is best if you can be present for the inspection, or at least part of it, in case the inspector has questions about how to access certain parts of the home, such as the attic or crawl space. You’ll want to make yourself scarce when the buyer and REALTOR® arrive for their walkthrough, however, because they may end up asking you questions about the home that are better left to the inspector to answer. The cost for the home inspection is the responsibility of the buyer.
Typically, a lender will do an appraisal of the home’s worth before financing can be approved for the buyers, depending on whether or not you have a high ratio mortgage loan. This will also require an appointment made either directly through the appraiser or through your REALTOR®. An appraiser will take into account the overall age and condition of the home, not the specific defects of it. She or he does not need access to spaces in the home such as the attic or crawl space, so it’s not necessary for you to be available for the appraisal as long as you have a way of granting them access to the interior of your home. Depending on your home’s market, there is a good chance your selling timeline won’t include an appraisal.
The Other Stuff
Buyers will have to review other documents before their subjects are removed. These may or may not include a title search, the property disclosure statement you signed when you listed your home, and a site survey. They will also likely have to obtain financing approval and home insurance, and possibly mortgage insurance.
Your contract may or may not have all these subjects. If you have a subject-free contract, all you have to worry about now in terms of your selling timeline are two dates: completion (when ownership of the property transfers over) and possession (the date the new owners move in). These may or may not occur on the same day; your contract will tell you and if you can’t figure that out, your REALTOR® will be happy to show you where your completion and possession dates are in the contract.