Selling Property in Ocean City MD Property in Ocean Pines | The Contract Phase

Now that we have received a satisfactory offer on your Ocean City MD real estate or Ocean Pines home we then move onto the contract phase, also known as the escrow phase.  During the escrow phase we will take care of all of  the tasks required to get us to settlement which include Ocean Pines and Ocean City property inspections, the mortgage process, title review and deed preparation, Ocean City condo or Ocean City home owners association reviews, utility transfer and anything else that may arise.  As an experienced Ocean City Realtor and Ocean Pines Realtor this is where we earn our money so to speak.  Anyone can secure an offer on nice Ocean City MD homes, Ocean City MD condos or Ocean Pines homes that are in good condition and priced well.  Only good, experienced Ocean City Realtors and Ocean Pines Realtors can address and handle situations that arise in todays real estate market that kill a lot of deals and keep them from getting to settlement.

Property Inspections

After we get all of the paperwork sorted out and are officially under contract, the property inspections will be the first item to take care of.  For real estate in Ocean City MD this will typically only entail a mechanical and structural inspection.  For some homes in Ocean City and Ocean Pines homes termite and mold inspections may come into play.  The Buyer will arrange and pay for the inspections and notify us of when they are going to be.  I will then go to the inspection and address and personally oversee any problems that may arise.  The Buyer will then review the inspection report and then may request that certain items be fixed as a condition of moving forward.  Once this is presented to us we will then review it and determine how we want to proceed.  We can agree to either fix the items, provide the Buyer with a credit at the time of settlement or decline to address some or all of the items.  In the event that we decline to fix anything to the Buyers satisfaction they then have the right to terminate the deal and the contract will be voided.

Condominium and HOA Review

Per Maryland law we are required to provide the Buyer with a complete resale package pertaining to the particular Ocean City condominium association or Ocean City home owners association no later than 15 days prior to the closing date.  I will order these documents from the management company once we have a ratified contract.  Once I receive them I will distribute them to the Buyer, mortgage company and settlement attorney as they will all need documents out of them.  Per MD law the Buyer’s review period is 7 days for Ocean City condominiums or 5 days for Ocean Pines or Ocean City homes.  Should there be something in the documents that they are not comfortable with they can void the contract during this phase.  As experienced Ocean City Realtors and Ocean Pines Realtors I will address any issues or questions that may arise during this phase to ensure that the Buyer is satisfied (where possible) and comfortable moving forward.

Mortgage Process

Most of the obligations for the mortgage phase of the settlement process will fall on the Buyer.  I will follow up with the Buyers agent and the lender directly to ensure they are getting everything that they need in a timely manner and ensure that there are not any problems.  We will also ensure that the lender has all of the relevant documents they need from the resale packages and the settlement attorney.  I will check in once a week or more if needed to monitor the process and ensure that everything is moving along as scheduled.  

Title Phase

In the state of Maryland the Buyer gets to choose which settlement company will conduct the settlement.  The settlement company will perform title reviews, prepare the deeds and provide the lender with any documentation that they may require.  When it is time for the settlement the settlement company will be the one to pull everything together and perform the closing.  As with the lender I will keep in touch with the settlement company to ensure they have everything that they need and address any issues that may arise in a timely manner.  We will also arrange a convenient time for you to go in and sign the necessary documents as the settlement approaches.  We can also arrange for the documents to be sent to you if it is not convenient for you to attend settlement.

Utility Transfers and Moving

As the settlement date approaches we will coordinate and arrange for the transfer of the utilities into the Buyers name.  Should you need assistance with moving or relocating we would be glad to assist you with this through our local vendors.

Walk Through

The Buyer will likely want to do a final walk through on the day of settlement.  I will attend this walk through to ensure that there are not any problems.  In the event that something does arise we will address it and ensure that it does not hinder the settlement.

Costs Associated

The Buyer will responsible for all of the costs associated with performing the Ocean Pines and Ocean City property inspections, lender fees, settlement attorney costs for performing the settlement and anything else that they may arrange for.  The only costs that you will be responsible for are the commissions, typically half of the transfer taxes and stamps ($1.66 per $100 of purchase price), the deed release and anything else that may have been negotiated out in the contract.  We can have preliminary settlement statements prepared for you at the time of contract so that you can see how all of the numbers will shake out.

Miscellaneous

In todays real estate market many unexpected items can arise and keeping deals together largely depends on addressing these items in a timely manner.  As an experienced, full time Ocean City Realtor and Ocean Pines Realtor I am in a position to do this.  By being in constant contact with all of the working parts and available pretty much anytime I can largely prevent these issues from arising and more importantly, resolve them quickly when they do.  

Summary

Selling property in Ocean City MD or property in Ocean Pines doesn’t have to be the challenging process that many make it out to be.  When we begin with proper pricing and a strong marketing campaign we can secure an offer in a relatively quick time frame.  By being organized and in constant communication with all of the integral parts during the contract phase we can virtually guarantee a smooth and stress free settlement process.  I take great pride in the level of service and communication that I provide and quite frankly if the deal doesn’t settle your home doesn’t get sold and I don’t get paid.  Feel free to contact me directly anytime at 443-614-9179 or by email if you would like to discuss this or anything else concerning real estate in Ocean Pines or Ocean City MD.