Information for Buyers and Sellers



Steps in selling/buying a home




The
Residential Offer to Purchase, State Form WB-11, is used for making an offer to buy a house, condo or other residential property. Click Here for an explanation of the WB-11 form.

After an offer is delivered to the seller the seller has these options:
    • A. Accept the offer
    • B. Reject the offer
    • D. Allow the acceptance deadline to expire (same as rejecting offer but less polite)
    • C. Counter the offer

If there are offers from more than one buyer the seller can make "Multiple Counter Offers" to all buyers.

If the seller receives an offer with a contingency that the buyer must sell their home before buying the seller's home the seller can accept the offer with a "bump clause."

The buyer and seller can negotiate back and forth as long as it takes to reach an agreement. If no agreement can be made then the deal falls through. If an agreement can be reached then the buyer and seller will both sign the Offer to Purchase and, if applicable, the agreeable Counter Offer. Once the signed agreement is delivered as required by the contract then the terms are binding on both buyer and seller.

The contract will spell out all contingencies, requirements, deadlines and other terms of the agreement. Read the contract carefully and ask if you have any questions.

At this point it is important to keep track of deadlines spelled out in the contract. I will track these deadlines for you and send reminders to principle parties of their deadlines.

The title company will prepare documents necessary for transfer of ownership and give the buyer and seller a completed HUD-1 form or Settlement Statement showing the disposition of funds prior to closing. Closing costs can be expected to be approximately: Title: between $3.50 and $4.50 per $1,000 of purchase price; Deed: $100; Lien and filing fees: $75; Transfer Tax: exactly $3.00 per $1,000 of purchase price. Who pays these fees, buyer or seller, is spelled out in the offer to purchase agreement. Commission fees are spelled out in the listing agreement and/or the buyer agency agreement. For a commission of 6% the commission amount for a $150,000 sale would be $9,000 to be split between four parties, the seller side agent, the buyer side agent, the seller side broker and the buyer side broker. For this example each party would receive $2,250 for their part in the sale.

On the closing date we try to get all parties in the same room to sign the documents and transfer door keys from seller to owner and funds from buyer to seller. Transfer of the keys is a not only a practical way to give access to the house but also a symbolic gesture showing transfer of ownership. If you are not available to attend the closing in person we can accommodate the transfer of ownership by overnight mail or in some cases by electronic document transmission. Attending the closing will normally be the title company officer, the buyer(s), the seller(s), the buyer's agent, the seller's agent and the loan officer.

After closing the seller deposits the check and the buyer moves into their new home. A simple and clean end to a complicated and involved process.