Congratulations, your offer was accepted.

Take a moment to enjoy it, but understand that acceptance is not the end of the process. It is the beginning of a legally binding agreement.

You Are Now Bound to Someone You Do Not Know

Once the contract is signed by both parties and becomes effective, you are contractually bound to the seller, usually a stranger you have never met.

The seller has obligations to you, and you have obligations to the seller. Your contract contains deadlines, payments, notices and specific requirements that must be handled correctly.

Missing a deadline or misunderstanding a contract term can affect your money, your right to terminate or your obligation to complete the purchase. In some situations, a mistake can result in the loss of earnest money, a contract dispute or other legal consequences.

Source: Texas Real Estate Commission, One to Four Family Residential Contract

This is why choosing the right buyer’s agent is so important.

Choosing a buyer’s agent is not simply choosing someone to show you houses. You are selecting the licensed professional who will help guide you through a binding contract with a seller you likely know nothing about. Having an experienced agent who understands the contract inside and out is imperative.

The First Few Days Are Critical

Immediately after the contract becomes effective, several important steps begin. These may include:

You still have responsibilities as the buyer, but you should not be handed a list of dates and expected to manage the transaction alone.

Once your contract becomes effective, our team and transaction systems go to work tracking the important dates. We keep you informed, explain what requires your attention and personally guide you through each step. With thousands of transactions behind us, we understand how easily a missed deadline or overlooked detail can create a serious problem.

Experience Helps Prevent Problems

Serious problems often begin with small details: a missed email, a late payment, an incomplete notice or an assumption that someone else handled it.

That is why it is important to respond promptly to requests from your agent, lender, title company, inspector and insurance provider. If you do not understand something, ask before taking action or allowing a deadline to pass.

You Should Always Know What Comes Next

During the transaction, you may hear from several different professionals. Each person has a separate role, but their work must come together for the transaction to reach closing.

Our job is to help keep the process organized and make sure you understand:

THE DEBRA WEST TEAM  |  RE/MAX ELITE GROUP