Meet to discuss needs and timeline.
For buyers securing a loan, we have several lender contacts to help find the right program. For buyers paying cash, we will need to verify Proof of Funds.
Review possible on and off-market options with client. Complete property tours.
Begin the offer process with a Letter of Intent, which is usually non-binding. This may go back and forth a few times. Once accepted we can move to the more formal agreement.
Once the terms of the Letter of Intent are accepted, a Purchase and Sale Agreement will be drafted. There may be several drafts as the parties negotiate.
Upon acceptance of all terms in the Purchase and Sale Agreement, Escrow will be opened at the Title Company and Earnest Money deposited.
During this portion of the escrow process, timelines need to be adhered.
Important items could include:
If the buyer is obtaining a mortgage, the Lender will need to be updated throughout the process. This includes the rate lock and any additional documents which may be required in underwriting.
If the lender or the buyer's use of the property calls for additional items, such as a Special Use Permit or Parking Waiver/Variance, this will need to be closely monitored. Also, hiring a professional who specializes in these services is recommended.
If the buyer is participating in a 1031 Exchange, the Intermediary will need to be updated and timelines monitored closely.
Once all conditions have been met, then the Lender will provide a clear to close. The insurance policy (ACORD Certificate of Insurance) will likely be requested as a condition to close. Commercial polices can take some time to bind, so it's recommended to start the process at least two weeks prior to closing.
Once the property has recorded, the Title Company will reach out and confirm the sale is complete. Congratulations! Time to deliver keys!