Congratulations on an accepted offer on your property, we have created this interactive checklist to help guide you through the closing process while also providing you valuable resources to help you have a smooth closing. Some of the steps below don't particularly have to follow the order we have them in, so don't stress out if you find yourself doing some steps in parallel.
Accessing the Checklist:
Locate the "Offers" Section:
Open the app and navigate to the "Offers" section in the bottom dock.Select the "Offers Made":
Ensure you are in the “Offer Received” tab, then select the property by clicking “View” button on the property you received offer on.Select the "Details":
Click on the "Details" button found on the property displayed under accepted offer section.
Step-by-Step Guide to Navigate the Interactive Closing Checklist:
1. Confirm Proof of Funds
The proof of funds should have already been sent as part of the offer. This is just to confirm you have called the lender or bank to confirm.
Verify: Ensure the document is recent and matches the sale price. Click "View POF" to access the document.
Important: Look for correct dates and amounts. Verify the authenticity of the document by contacting the bank or lender.
Action: Tap the checkbox to notify the buyer that you have confirmed the proof of funds. If there are any issues you can contact the buyer directly either through our in-app messaging or via email or text.
2. Send Purchase Agreement with Disclosures
Recommended: Use an attorney to ensure a smooth transaction. They can review contracts, hold earnest money, and assist with negotiations.
Choose One Option:
Use Attorney Referral Service: Tap "Create Contact" to connect with a local attorney through our referral service through our affiliate partner Contract Council to help find you a real estate attorney in your area.
Use Your Own Attorney: Proceed with your personal attorney, check this box
Use Online Legal Services: Tap "Law Depot" or "e-Forms" to fill in a contract template. (If needed, click "Find an Attorney" for review.)
Send the contract to the buyer for review and sign by tapping "Contact Buyer" or emailing them directly the contract and any applicable disclosures (Tip:if you need their email you can select the review offer to view their email, also if using an attorney they can send for signatures through electronic signatures.) If using an attorney confirm they have sent the contract to the buyer with applicable disclosures. NOTE: You will need to use some of the information provided by the buyer as part of the offer in the contract such as name, purchase price, earnest money, and any other terms (inspection, appraisal, attorney review...etc) to enter into the contract any information you may not have you can require the buyer or buyers attorney to update in the contract.
Note: Some states require specific disclosures. Click the link to check your state's requirements.
Action: Tap the checkbox to notify the buyer that you or your attorney have sent all required documents for signature.
3. Confirm Buyer Signed the Contract
If Using an Attorney: They will verify if the contract is fully signed.
If No Attorney: Ensure the buyer(s) has signed and initialed all required fields
Sellers should verify the following items on a real estate purchase agreement:
Item | Description |
Buyer’s information | Confirm names and contact details |
Purchase price | Ensure the agreed price is correct |
Contingencies | Check any conditions (e.g., financing) |
Closing date | Verify the agreed-upon closing timeline |
Earnest money deposit | Ensure the amount and terms are clear |
Inclusions and exclusions | Confirm which items are included/excluded (e.g., appliances) |
Inspection and repair terms | Review any obligations regarding repairs |
Signatures | Ensure all required parties have signed |
Action: Tap the checkbox to notify the buyer that you or the attorneys have confirmed all signatures/initials are completed on all documents.
Note: Tap "Contact Buyer" if needed to quickly message the buyer. Click "Find an Attorney" if you need legal assistance.
4. Open a Escrow with Title Company:
After the contract is executed, you would want to open a title order with a title company. Opening escrow with a title company as a seller ensures a neutral third party manages the transaction, holding funds and documents until all conditions are met. This protects both buyer and seller, verifies ownership, and ensures a smooth transfer of the property. It adds security and transparency to the sale.
Not using an attorney: Tap "Order Title" to initiate the process if your not using an attorney.
Using an attorney: Attorney may be coordinating the closing with a title company.
Tip: Our affiliate partner closed title do have attorneys that can review the contract, if you wish to use their attorney you may order title and they will connect you with their attorney to help with verifying the contract.
Action: Tap the checkbox to notify the buyer that the escrow has been opened with the title company.
5. Confirm Earnest Money Deposit
Option 1: If using an attorney, request that earnest money instructions be sent to the buyer or their attorney. Confirm the deposit was made via the attorney, title company or third party escrow account agreed to hold earnest money in.
Option 2: If not using an attorney you may contact the title company directly and request that they send the earnest money deposit instructions to the buyer or their attorney. Confirm with the title company the deposit has been made and verified.
Action: Tap the checkbox for this step to verify the deposit was made.
6. Inspection Review
A property inspection is crucial for a buyer when purchasing a home because it helps identify any hidden issues that may not be visible during a regular walkthrough. It ensures you’re fully aware of the property's condition, including potential repairs or safety concerns, before making a financial commitment.
Inspection Status: The buyer will update the status on their end after the inspection.
Once they have updated the status you will see one of these on your end and will be notified.
Status Options from Buyer:
Pending:The status will by default be "Pending" until the inspection is complete.
Legal Review: If buyer is using an attorney they will select "Legal Review", this is to notify you any future property inspection updates will be provided by the buyer attorney.
Completed: Inspection is completed satisfactorily.
Not Applicable: No inspection required, or buyer has opted not to do an inspection per agreement.
New Terms: Buyer is requesting new terms based on inspection results.
Note: Once buyer selects new terms, you as a seller will need to respond with accepted or rejected. Ensure the buyer or the buyer attorney has sent over new terms for the you (seller) to review.
Buyer may reach out to you (seller) or your attorney and start by highlighting concerns from the inspection report, like structural damage or safety hazards. They may propose reasonable solutions, such as asking for repairs or a credit towards closing costs. Be prepared to compromise and maintain a respectful tone to foster a positive dialogue. Ultimately, the goal is to reach a fair agreement that addresses the buyers concerns while keeping the deal intact. As a seller or your attorney may ask for a copy which you should receive to review the inspection report which may provide more details about the identified concerns.
Seller Responses:
Accepted: Once you (seller) or your attorney has reviewed the new terms being requested and you have both agreed on any repairs or concessions. You (seller) will mark as "accepted" this will notify buyer that this step has been completed.
Rejected: Once you (seller) or your attorney has reviewed the new terms being requested and no agreement could be reached, you (seller) will mark as rejected.
In this instance your checklist will update and give you option to contact buyer or withdraw. Its possible the buyer also withdrew in the app, placing is listing back as active in the marketplace.
Note: although you can withdraw your offer in the app, this is not legally binding, Buyer, Seller or attorneys involved asking for withdrawal would need to send over a cancelation of the contract in order to notify the title company or any party holding earnest money to release based on terms in the contract.
Canceling the contract:
Select "New Terms": Its highly recommended to try to negotiate any items that were concerning in the inspection report, if as a seller you opt to provide some credit or repairs to be made by licensed professionals can save the deal. If the seller rejects and no terms can be agreed upon then a a mutual cancelation to the contract will need to be sent by seller or seller attorney.
Withdraw: If you don't wish to negotiate or provide any concessions for the buyer, you can select "Review Offer" on the top left of the checklist and select withdraw at the end of the review offer page.Note: although you can withdraw your offer in the app, this is not legally binding, Buyer, Seller or attorneys involved asking for withdrawal would need to send over a cancelation of the contract in order to notify the title company or any party holding earnest money to release based on terms in the contract.
Action: Tap the checkbox for this step to verify the step has been completed.
7. Attorney’s Review (if applicable)
Purpose: A period after signing the contract where attorneys review the contract and ensure all due diligence is completed. This step is applicable when your using an attorney. It also addresses items such as inspection report negotiations, appraisal outcomes, and other contingencies outlined by attorneys.
If applicable, the status should be updated as follows:
Completed: Legal review is done. Your attorney has advised all contingencies has been satisfied.
Contract Cancelled: Attorney cancels the contract for not agreeing on any of the terms.
Note: if this option is selected there will be a withdraw offer, although this will just place the property back into active state for the seller its not legally binding until the attorneys send a mutual cancelation document for both parties to sign. This will also release any earnest money that might be in escrow.
Not Applicable: Select this if no attorney is involved.
Action: Tap the checkbox for this step to verify the step has been completed.
8. Buyer’s Lender Appraisal (if applicable)
An appraisal is a professional evaluation of a home's value, arranged by the buyer's lender. It ensures the property's value matches the loan amount. If the appraisal is lower than the offer price, the buyer may need to negotiate a lower price or increase their down payment. Buyers can update you through the app when the appraisal is ordered, and the appraiser may contact them to schedule a walkthrough. After the appraisal, the lender will inform the buyer if the home appraised at, above, or below the purchase price.
Status Options:
As the seller, once buyer lender appraisal has been completed buyer will change the status from pending to the following statuses, if they are using an attorney they can select "legal review". Below is what these statuses mean:
Legal Review: Attorneys are reviewing terms with both parties, any updates will only be provided through the attorney review process. This can be selected right away if you have an attorney representing you. You can also mark this step as completed by clicking the checkbox for the step.
Completed: Appraisal is satisfactory.
Not Applicable: No appraisal required, typically selected when not using a lender.
New Terms: Buyer is requesting new terms based on appraisal results.
Note: Once buyer select new terms, You (the seller) will need to respond with accepted or rejected. Ensure you or your attorney has sent over new terms for the seller to review.
The buyer or buyer attorney will advise of the results of appraisal report and the price it appraised at. They may propose solutions, such as asking for reduction in purchase price or a credit towards closing costs. Be prepared to compromise and maintain a respectful tone to foster a positive dialogue. Ultimately, the goal is to reach a fair agreement that addresses the buyers concerns while keeping the deal intact. You (the seller) or your attorney may ask for a copy which the buyer or buyers lender should provide to help prove your case for a positive outcome.
Action- Seller Response:
Accepted: Once you (the seller) or your attorney has reviewed the new terms being requested and you have both agreed on any price reduction or credits. You will select the drop down "accepted" this will notify buyer that this step has been completed.
Rejected: Once you (the seller) or your attorney has reviewed the new terms being requested and no agreement could be reached, You will select the drop down "Rejected" this will notify buyer that you have rejected new terms proposed and all negotiations have halted.
In this instance your checklist will update and give you option to contact seller or withdraw. Its possible the seller also withdrew in the app, placing is listing back as active in the marketplace.
Note: although you can withdraw your offer in the app, this is not legally binding, Buyer, Seller or attorneys involved asking for withdrawal would need to send over a cancelation of the contract in order to notify the title company or any party holding earnest money to release based on terms in the contract.
Canceling the contract:
Select "New Terms": Its highly recommended to try to negotiate the purchase price based on the appraisal report, buyer can ask for credit or price reduction of the purchase price to be made. If you (the seller) rejects you will have option to withdraw, but you or your attorney will need to send a mutual cancelation to the contract.
Withdraw: If you don't wish to negotiate you can select "Review Offer" on the top left of the checklist and select withdraw at the end of the review offer page. Note: although you can withdraw your offer in the app, this is not legally binding, Buyer, Seller or attorneys involved asking for withdrawal would need to send over a cancelation of the contract in order to notify the title company or any party holding earnest money to release based on terms in the contract.
Action: Tap the checkbox for this step to verify the step has been completed.
9. Confirm Repairs (if applicable)
As part of the inspection or mutual agreement between the parties there was an agreement for the seller to complete any repairs. As the seller you should follow the order as follows:
Identify when you think repairs will be made. (Typically you have until the week of the closing, its best practice the repairs are done before the final walkthrough by the buyer typically before the closing day.)
Add the date/time when the repairs will be completed
Select confirm to notify buyer
10. Clear to Close from Buyer’s Lender (if applicable)
When buyers are going through a lender, there are various steps the buyer must satisfy in order to get the final clear to close. This is only required for financed purchases. (Note: You can contact the mortgage company for an update or ask your attorney to check the status.)
Once the buyer updates the status you will see one of these:
Pending: Buyer has not updated the status or no clear to close has been received from the lender. (Default)
Not Applicable: No lender involved.
Clear to Close: Buyer has confirmed that the sale can proceed.
Action: Tap the checkbox for this step to verify the step has been completed.
11. Set Closing Date and Time
Either the attorney or yourself would coordinate with the title company to setup a closing date and time. Once you have this information update the date/time in the app and select the checkmark for the step to notify the buyer.
Action: Tap the checkbox for this step to verify the step has been completed.
12. Prepare for Closing
Steps:
Complete Required Repairs: Make sure any agreed repairs are finished.
Gather Documents: Collect warranty information, permits, and the property deed if required.
Clear Title Issues: Address any title disputes or liens.
Notify Utilities: Arrange utility transfers or termination for the closing day.
Review Closing Statement: Check the accuracy of fees and costs with your attorney or title company.
Vacate Property: Move all personal items out before the closing date.
Confirm Closing Details: Verify time, date, and location with your attorney or title company.
Action: Tap the checkbox for this step to verify the step has been completed.
13. Buyer Walk-Through (if applicable)
The buyer may request a final walk-through to ensure no damages have occurred and repairs are complete. Once the seller has updated the time, you will get notified.
Action: Tap the checkbox for this step to verify the step has been completed.
14. Complete Closing
Final Step: Once all steps are completed, tap the "Closing Completed" button to finalize the transaction. The fee will be due, enter your credit card details. If you have any questions or issues with the payment please contact [email protected]
This interactive checklist will guide you through the key steps to ensure a smooth and secure real estate closing process. Always consult professionals when needed to avoid any potential issues.