Many times customers ask about the process: What is involved in selling a real estate contract? Almost always it is much easier and quicker (and less painful) than selling the property. It's basically a 3 step process, but the important thing to remember is that the burden is on us -- and not you -- to make it work:
We will discuss the property you sold, the basic transaction, and what you know about the buyer. This will take about two to three minutes either over the phone or in person if you're nearby. You can complete the form on the right and we will contact you for this brief interview.
Then then you will sign a simple form authorizing the escrow company to release information about the contract. This provides the exact payment history, a complete copy of the contract, and any other pertinent items from the escrow file, at a minimum of inconvenience to you.
We will make you an offer. This usually consists of two or three proposals consisting of the various types of transactions which are available. If we reach an agreement, then we will prepare a "Purchase Agreement" which reduces to writing the outline of what we're agreeing to do. It is similar to a "Deposit Receipt and Earnest Money Agreement" (more commonly called an "offer") when you're selling the property.
However, the Purchase Agreement is much shorter -- only about one and one-half pages -- and is more straight-forward and easier to understand.
The burden is now on us. We will make sure that there are no problems with the title, do a drive-by inspection of the property, and tend to a few other details. We then prepare the closing documents and schedule a meeting for the closing.
Upon your approval of the closing statement and transfer document, we will put a certified check in your hands. We'll take care of a few other items, such as recording the transfer at the county clerk's office, paying the escrow transfer fee, delivering the documents to the escrow company, changing insurance policies, and the like. Sometimes we close at a title company office, sometimes through the mail, and sometimes in our office, but the papers and process are not very complex. The entire process usually takes from ten to twenty days, but there have been several times when only three or four days were required!
Next: Types of Transactions