Once the contract has been signed by the buyer this does not mean that everything is good to go from the seller’s perspective.  Of course this should be a bit of a relief since you have found a buyer who will purchase the home, but there are things that you as the seller still need to sort out before you officially hand over your home to the next owner.  

The buyer is responsible to get the financing and insurance sorted out but you as the seller also need to cooperate with the terms of the contract. For example in terms of the home inspection; there is usually the clause that the buyer’s decision will depend upon the inspection results. Therefore, if the inspection shows that there structural repairs are required then you should put some effort into fixing these type of problems. As the seller you will need to cooperate with your listing agent, and the buyer’s agent. Other inspections may also be called for, for example a termite inspection or a radon gas inspection.  Another thing that needs to be considered before the closing is the results of the appraisal.

If the price is agreed upon prior to the appraisal then you as the seller cannot do anything about the fact if after the appraisal the house is valued for more than the selling price. However, if the price of the home is more than the appraisal value than the buyer may not have enough in terms of financing to purchase the home since the lender will limit their credit based on the appraisal value. In this situation you and your agent should discuss about what would be the best option for you.  Another thing to consider is the settlement date.

Once the settlement date is determined then by this day you have to move out. However, if you are not ready to move out you can agree on a rent back negotiation. In this situation the buyer will allow you to stay in your home for a bit longer provided that you pay rent for the duration that you remain in the home. Usually this rent back period is up to 60 days. Anything longer than 60 days changes the contract between the buyer and their lender; if 60 days is surpassed then the lender will consider that the buyer has purchased an investment property, after all they are receiving a monthly income off of the seller. Another thing that needs to be agreed upon prior to closing is the responsibility of the provision of settlement services.

In some situations the buyer will arrange for settlement services and in others it is the responsibility of the seller. Once the settlement services are arranged, the buyer will provide funds to purchase the home and the title of the property is transferred onto the buyer, only at this point are you free go onto your next move.