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Home Sale and Purchase Protocol

The home sale and purchase protocol is a comprehensive guide outlining the steps involved in buying or selling a property. This document aims to provide clarity on the expectations, responsibilities, and timelines associated with a residential transaction. By adhering to this protocol, all parties can ensure a smooth and successful transfer of ownership.

Understanding the Protocol​

This protocol is designed to facilitate open communication between the buyer, seller, real estate agents, and other stakeholders involved in the home sale and purchase process. It sets forth the standard practices for handling inquiries, inspections, appraisals, financing, and closing procedures.

Pre-Contract Phase​

Prior to signing a contract, buyers and sellers must agree on the terms of sale, including the purchase price, any contingencies, and expected closing date. This phase allows both parties to discuss and negotiate essential details, such as repairs or credits for defects in the property.

Steps Involved:​

  • Discussing expectations and desired outcomes
  • Establishing a clear understanding of the sale terms
  • Reviewing and agreeing on any contingencies
  • Scheduling inspections and appraisals

Contract Phase​

Once a contract is signed, both parties are legally bound to fulfill their obligations. The buyer is expected to proceed with financing arrangements, while the seller must prepare for closing.

Key Considerations:​

  • Securing mortgage approval from the lender
  • Reviewing and addressing any issues identified during inspections
  • Obtaining necessary permits or clearances

Closing Phase​

Closing marks the culmination of the home sale and purchase process. At this stage, both parties finalize their respective transactions, transfer ownership, and complete any outstanding tasks.

Final Preparations:​

  • Confirming loan funding with the lender
  • Reviewing and signing closing documents
  • Transferring keys and completing property handover