Real Estate 106 – Contract Period (Alabama Version)

By now, you're probably tired!

We never said making your biggest purchase (probably anyway) in your life was going to be simple! Good things come to those that wait. There are still a few things you need to keep track of now that you're officially under contract.

What could possibly be left??

From an agent's side of things, our jobs APPEAR to be somewhat done from the buyer's perspective. Just know that it is not. The majority of items remaining will be inspections, appraisals, repairs, etc. You probably won't hear from your agent every single day, and that is okay! Don't stress. A lot of things have to happen during the wait period on multiple ends of the spectrum. Your agent is probably having conversations in the background with the lender, seller's agent, title company, and various other vendors without your knowledge. We are here to make this process smooth and keep you from the majority of the headaches involved! Just know that if you're not communicating every single day, it is perfectly normal. You do need to be sure to stay in contact with your lender. Your lender and agent cannot share certain information due to the law, so do not assume that your agent knows everything that your lender knows and vice versa. Keep everyone informed of information they NEED to know.

Your agent will always be willing to answer questions.

We would rather you ask the question than be in the dark and guess how to do something the incorrect way.

  • Be sure you get the HOA information and subdivision restrictions if you're buying in a neighborhood where this applies. Your agent can help with this.

  • Find out who the utility companies are and the process of transferring those (the day of closing is typically when you do this). Some utility companies require you to have the deed and closing statement before you can transfer them. Others also may require the seller to contact them prior to you scheduling them to be under your name. Your agent can help with this.

  • Make sure you get insurance quoted so there aren't any surprises in your payment. Be aware that insurance and taxes CAN AFFECT YOUR MORTGAGE PAYMENT. Your principal and interest on a fixed loan will not change, so if your payment goes up or down then look for changes in your taxes or home insurance. Your agent can help with this.

  • If you want a termite bond or the home has one that can be transferred at closing, be sure to set yourself a reminder to contact the pest company once you close.

  • Ensure you have everything lined up for school transfers if needed.

  • If you cannot be present at closing, let your agent and lender know so they can make arrangements. This can be accomplished by either mail away which involved overnighting documents and following specific instructions in front of a notary, or via power of attorney (POA). Unless this applies to you, no need to go into detail.

  • Ask your agent about MoveEasy. It is a free program that can take the stress out of all of the headaches of dealing with cable companies, utility companies, and they partner with certain companies that would be useful to you during your moving/transition period.

The awesome news is, you should be ready for closing now! Head over to Real Estate 107 – Closing.