Inspection and Due Diligence

During: Buying Process Overview: Contract to Close: Inspection and Due Diligence

Contract to Close

The following is a visual representation of the Inspection and Due Diligence process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.

contract-to-close-inspection-and-due-diligence

  1. Complete "Contract To Close" checklist
  2. Class Watch "Contract to Close" Recording of Live Class
    Watch the recording of the live presentation of "Contract to Close" available on:

    https://RealEstateFinancialPlanner.com/contract-to-close/

    ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

  3. Complete "Contract To Close: General" checklist
  4. Complete "Contract To Close: Title" checklist
  5. Complete "Contract To Close: Owner’s Association" checklist
  6. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  7. Complete "Contract To Close: Loan and Credit" checklist
  8. Complete "Contract To Close: Appraisal" checklist
  9. Complete "Contract To Close: Survey" checklist
  10. Complete "Contract To Close: Inspection and Due Diligence" checklist
  11. Complete "Contract To Close: Closing and Possession" checklist

Contract to Close:
Inspection and Due Diligence

And, here is the visual representation of the Inspection and Due Diligence process.

inspection-and-due-diligence-nothing-selected

Let’s look at each step in more detail.

Complete "Contract To Close: Inspection and Due Diligence" checklist

Contract To CloseContract To Close: Inspection and Due DiligenceUltimate Nomad ChecklistWeek 13

Class Watch "Negotiating Win-Win Inspections for Maximum Benefit" Recording of Live Class

Watch the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

https://RealEstateFinancialPlanner.com/property-inspection-classes/

ClassesContract To Close: Inspection and Due DiligenceInspectionUltimate Nomad ChecklistWeek 8

Inspection Objection Deadline

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The Inspection Objection Deadline is the deadline for having the property inspected and for having any objection to issues we found during the inspection period submitted to the Seller.

  1. Complete "Inspection Objection Deadline" checklist
  2. Review "Negotiating Win-Win Inspections for Maximum Benefit" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

    https://RealEstateFinancialPlanner.com/property-inspection-classes/

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  3. Determine Rent Comps
    Now that you're under contract, it is time to double check rents for the property so you can object using the Inspection Objection if rents will not work for you.

    Research comparable rental property rent rates.

    We are testing a subscription service that provides rental comps, so ask your Real Estate Broker to pull a report on your property to see what rent comps are from that service.

    You may also want to contact your Property Manager if you're going to use one to get an idea of what they think rents would be.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  4. REAL ESTATE BROKER: Provide you a list of Home Inspectors
    Your Real Estate Broker should provide you with a list of Home Inspectors. You can use whoever you wish including Home Inspectors not on the recommended list.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  5. Determine your Home Inspector
    Determine who you will use to inspect your new property when you go under contract.

    Ask your Real Estate Broker for a recommendation.

    Mark this task complete when you've decided which Home Inspector you'll use when you go under contract.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  6. Decide whether to do a Radon Test or not
    After you go under contract decide whether you will do a Radon Test as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  7. Determine your Radon Testing Company
    Determine who you will use to test for radon once you have a property under contract. Often this is the same person you selected as your Home Inspector.

    Ask your Real Estate Broker or Home Inspector for a recommendation.

    Mark this task complete once you've decided which Radon Testing Company you'll use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionOptionalUltimate Nomad ChecklistWeek 61Week 9

  8. Hire Radon Test Company to perform Radon Test
    If you've decided to have a Radon Test performed, hire Radon Test Company to do Radon Test ideally during the same time your Home Inspector will be there inspecting the property. It may even be the Home Inspector doing the Radon Test.

    Mark this complete after you receive the results of your Radon Test if you decide to perform a Radon Test.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  9. Decide whether to do a Sewer Scope or not
    After you go under contract decide whether you will do a Sewer Scope as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  10. Determine your Sewer Scope Company
    Decide which Sewer Scope Company you will use to do a Sewer Scope on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Sewer Scope Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  11. Hire Sewer Scope Company to perform Sewer Scope
    If you've decided to have a Sewer Scope performed, hire Sewer Scope Company to do Sewer Scope ideally during the same time your Home Inspector will be there inspecting the property.

    If you have any problems, I strongly recommend paying the extra fee to get the video of the problem to provide as evidence with any Inspection Objection.

    Mark this complete after your Home Inspection if you decide to perform a Sewer Scope.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  12. Decide whether to do a Meth Test or not
    After you go under contract decide whether you will do a Methamphetamine Test as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  13. Determine your Meth Test Company
    Decide which Meth Test Company you will use to do a Meth Test on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Meth Test Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  14. Hire Meth Test Company to perform Meth Test
    If you've decided to have a Meth Test performed, hire Meth Test Company to do Meth Test ideally during the same time your Home Inspector will be there inspecting the property.

    Mark this complete after your Home Inspection if you decide to perform a Meth Test.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  15. Ask Insurance Agent for a copy of the CLUE Report for the property
    Contact your Insurance Agent once you're under contract on the property and ask them to provide you a copy of the CLUE Report for the property. This gives you a history of the insurance claims made against the property.

    Mark this task complete once you've received a copy of the CLUE Report from your Insurance Agent.

    Contract Deadline: Inspection Objection DeadlineInspectionMaking OffersUltimate Nomad ChecklistWeek 9

  16. Bring CLUE Report to Home Inspection
    Bring a copy of the CLUE Report from your Insurance Agent to the Home Inspection so you can use it to look closer at any items you have questions about with your Home Inspector during the inspection.

    Mark this task complete once you finished the Home Inspection.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  17. Bring "Seller's Property Disclosure" to Home Inspection
    Bring a copy of the "Seller's Property Disclosure" to Home Inspection so you can use it to look closer at any items you have questions about with your Home Inspector during the inspection.

    Mark this task complete once you finished the Home Inspection.

    Contract Deadline: Inspection Objection DeadlineInspectionSellers Property DisclosureUltimate Nomad ChecklistWeek 61Week 9

  18. Attend Home Inspection with Home Inspector
    Go to Home Inspection with your Home Inspector.

    Your Real Estate Broker usually does not attend.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  19. AT INSPECTION: Beware of audio/video recordings during inspection
    As the ability to record audio and video gets less expensive and more easily accessible, be aware that a Seller may record audio and video of inside their home while you're at the inspection.

    WARNING: Don't say or do anything at an inspection you wouldn't say or do right in front of the Seller. They may be recording you.

    Yes, I'm paranoid, but just because I'm paranoid doesn't mean they aren't really recording.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  20. AT INSPECTION: Write down location of water shut off
    With the help of your Home Inspector, find out the location of the main water shutoff to the property in case you ever need it.

    Write down the location somewhere where you'll remember it.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  21. AT INSPECTION: Check for CO detectors within 15 feet of each bedroom
    Check to make sure that you have CO (carbon monoxide) detectors installed within 15 feet of each bedroom.

    Some Lenders will have their Appraiser check to make sure they are there. If they're not, the Appraiser will charge you a second trip fee to go back out and check to make sure they are there before Closing. Easier to check at the inspection (with the help of your Home Inspector) so we can let the Seller's Real Estate Broker know to have them installed prior to the Appraiser going to the property for the Appraisal.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  22. AT INSPECTION: Photograph important appliances
    While at your inspection, if the appliances are important to you, photograph them and maybe photograph the model numbers of them.

    It is exceptionally rare, but some Sellers may try to switch out appliances between the inspection and Closing. If you have photos of the appliances and the model numbers it will make it easier to show what was installed at the time of the inspection.

    And, yes, I know I am paranoid.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  23. Review Home Inspection Report
    After your Home Inspector sends you a copy of the Home Inspection Report after your Home Inspection, review it.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  24. Save Home Inspection Report to Dropbox
    Save a copy of the Home Inspection report from your Home Inspector to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  25. IF RADON TEST DONE: Save radon test results to Dropbox
    Save a copy of the radon test results from your Radon Test Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  26. IF SEWER SCOPE DONE: Save sewer scope report to Dropbox
    Save a copy of the sewer scope report from your Sewer Scope Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  27. IF METH TEST DONE: Save meth test report to Dropbox
    Save a copy of the meth test report from your Meth Test Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  28. IF OBJECTING BASED ON INSPECTION: REAL ESTATE BROKER: Prepare "Inspection Objection"
    If you're going to object to anything during your Home Inspection discuss what you're objecting to and have Real Estate Broker prepare an "Inspection Objection".

    Make sure you wait to get all your reports back before objecting like your sewer scope, radon test results, and methamphetamine test results.

    IMPORTANT: This must be done prior to your "Inspection Objection Deadline".

    Mark this complete when you completed an "Inspection Objection" or if you're not going to object.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  29. IF OBJECTING BASED ON INSPECTION: Sign "Inspection Objection" via DocuSign
    Once your Real Estate Broker completes the "Inspection Objection" with your help, sign the "Inspection Objection" via DocuSign.

    IMPORTANT: This must be done prior to your "Inspection Objection Deadline".

    Mark this complete when you completed an "Inspection Objection" or if you're not going to object.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  30. IF OBJECTING BASED ON INSPECTION: Save "Inspection Objection" to Dropbox
    Save a copy of your "Inspection Objection" in your property folder on Dropbox after you've signed it via DocuSign.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  31. IF TERMINATING BASED ON INSPECTION: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you find out information during your inspection period so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" prior to your Inspection Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  32. IF TERMINATING BASED ON INSPECTION: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you find out information during your inspection period so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over to you via DocuSign. It must be delivered to the Seller and/or the Seller's Real Estate Broker prior to your Inspection Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  33. IF TERMINATING BASED ON INSPECTION: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed your "Notice To Terminate" and "Earnest Money Release" save a copy of each to your property folder on Dropbox.

    Once the Seller signs, you can replace your copies with fully executed versions signed by you and the Seller.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

Inspection Resolution Deadline

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The Inspection Resolution Deadline is the deadline for coming to a resolution if you had objected to anything during the Inspection Objection Deadline. If you have not come to an agreement by Inspection Resolution Deadline, in our local market in Northern Colorado, the Contract to Buy and Sell Real Estate terminates.

  1. Complete "Inspection Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding inspection
    If you objected using an "Inspection Objection", you will usually use an "Inspection Resolution" form with the help of your Real Estate Broker to come to a resolution to what you and the Seller agreed to regarding the inspection items.

    After the "Inspection Objection" your Real Estate Broker with your assistance will negotiate with the Seller and Seller's Real Estate Broker to find terms that are acceptable for you.

    IMPORTANT: This must be done prior to Inspection Resolution Deadline. If you have not come to terms by the Inspection Resolution Deadline and you still want to purchase the property you must withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline or your contract will terminate.

    The inspection process has lots of nuance so discuss this in detail with your Real Estate Broker.

    Mark this complete once you've come to terms on your inspection resolution with a fully executed "Inspection Resolution" form, withdrawn your "Inspection Objection" or did not object at all.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" or "Inspection Resolution" and withdraw "Inspection Objection"
    If you've come to a resolution regarding your inspection concerns, then your Real Estate Broker should prepare either an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or an "Inspection Resolution" to document the resolution.

    In addition, they should prepare your "Inspection Objection" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  4. IF RESOLVED: Sign "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal via DocuSign
    If you've come to a resolution regarding your inspection, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" to document the resolution.

    Additionally, sign the withdrawal section of the "Inspection Objection" via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  5. IF RESOLVED: Save "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" that you signed via DocuSign to your property folder in Dropbox.

    Also, save the "Inspection Objection" that you withdrew to your property folder in Dropox overwriting the previous one.

    You'll replace the "Amend/Extend" or "Inspection Resolution" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  6. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Sign "Inspection Objection" withdrawal
    If you are unable to come to a resolution with the Seller over your inspection but you still want to purchase the property, you will need to withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline.

    Sign the withdrawal section of the "Inspection Objection" that your Real Estate Broker sends over via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  7. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Save "Inspection Objection" to Dropbox
    After signing the withdrawal section of the "Inspection Objection" via DocuSign, save a copy of it to your property folder on Dropbox.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

Property Insurance Objection Deadline

inspection-and-due-diligence-property-insurance-objection-deadline

  1. Complete "Property Insurance Objection Deadline" checklist
  2. REAL ESATE BROKER: Provide list of recommend Insurance Agents
    Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

    Mark this complete when done.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  3. If you haven't already, determine your Insurance Agent
    If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  4. Get Insurance Quote
    Now that you're under contract, it is time to get a firm Insurance Quote from your Insurance Agent.

    If you are unable to get reasonable insurance on the property, you need to tell your Real Estate Broker prior to the "Property Insurance Objection Deadline" to be able to terminate and get your Earnest Money back.

    Mark this task complete once you've gotten an acceptable Insurance Quote.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  5. IF RENTING IMMEDIATELY: Consider "Loss of Rent" insurance
    If you're immediately going to have a Tenant or Tenant-Buyer in the property, you should discuss with your Insurance Agent getting "Loss of Rent" coverage to cover you in case you can't collect rent on the property.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  6. IF CONDO: Consider Loss Assessment Coverage
    If you are buying a townhome/condo, we would also suggest asking your Insurance Agent about Loss Assessment Coverage. It protects against additional assessments by the property association that wouldn't already be covered by their insurance, but I'd check with your agent about exactly what it would cover.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  7. Discuss changing deductible to change Insurance Quote
    Discuss how changing your deductible with your Insurance Agent might change the monthly cost and see how much risk you're comfortable with.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  8. IF TERMINATING: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you cannot find acceptable insurance, let your Real Estate Broker know prior to the Property Insurance Objection Deadline so they can prepare a "Notice To Terminate" and "Earnest Money Release" with enough time for you to sign it and deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  9. IF TERMINATING: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you cannot find acceptable insurance, sign the "Notice To Terminate" and "Earnest Money Release" your Real Estate Broker sent over via DocuSign.

    You will need to sign it and have your Real Estate Broker deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline to protect your Earnest Money.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  10. IF TERMINATING: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign then save a copy of each to your property folder in Dropbox.

    You'll replace the "Earnest Money Release" once the Seller signs it as well.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

Due Diligence Documents Delivery Deadline

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  1. Complete "Due Diligence Documents Delivery Deadline" checklist
  2. IF NEGOTIATED IN CONTRACT: Review existing leases and related paperwork
    If you're buying a property that has tenants in the property, you should review the current leases during the Due Diligence period.

    This should include:

    • Leases for all tenants
    • Lead-Based Paint Disclosure (if built prior to 1978)
    • Co-signor agreements (if applicable)
    • Mold Disclosure (if applicable)
    • Move-In Inspection
    • Occupancy Limits Disclosure (required in Fort Collins)
    • Tenant Estoppel Statements

    If you have an objection (or want to terminate based on what you find in the leases) you'd need to object by the Due Diligence Objection Deadline.

    Mark this task done once you've reviewed the existing leases and related paperwork.

    Contract Deadline: Due Diligence Documents Delivery DeadlinePaperworkUltimate Nomad ChecklistWeek 9

Due Diligence Documents Objection Deadline

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  1. Complete "Due Diligence Documents Objection Deadline" checklist
  2. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: REAL ESTATE BROKER: Prepare "Title-Related Objection Notice"
    If you're objecting to anything in the Due Diligence documents you received, then your Real Estate Broker should prepare the "Title-Related Objection Notice" for you to sign to protect your Earnest Money.

    It must be delivered prior to the Due Diligence Documents Objection Deadline.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: Sign "Title-Related Objection Notice" via DocuSign
    If you're objecting to anything in the Due Diligence documents you received then sign the "Title-Related Objection Notice" that your Real Estate Broker prepared when they send it over via DocuSign.

    It must be signed and delivered to the Seller and/or the Seller's Real Estate Broker prior to the Due Diligence Documents Objection Deadline to protect your Earnest Money.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: Save "Title-Related Objection Notice" in Dropbox
    Save a copy of the "Title-Related Objection Notice" that you signed via DocuSign to your property folder in Dropbox.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you find out information in your Due Diligence documents so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" prior to your Due Diligence Documents Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you find out information from your Due Diligence documents so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over to you via DocuSign. It must be delivered to the Seller and/or the Seller's Real Estate Broker prior to your Due Diligence Documents Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed your "Notice To Terminate" and "Earnest Money Release" save a copy of each to your property folder on Dropbox.

    Once the Seller signs, you can replace your copies with fully executed versions signed by you and the Seller.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

Due Diligence Documents Resolution Deadline

inspection-and-due-diligence-due-diligence-documents-resolution-deadline

  1. Complete "Due Diligence Documents Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding due diligence documents objection
    If you objected to Due Diligence documents, your Real Estate Broker with your assistance will negotiate with the Seller and Seller's Real Estate Broker to find terms that are acceptable for you.

    IMPORTANT: This must be done prior to Due Diligence Documents Resolution Deadline. If you have not come to terms by the Due Diligence Documents Resolution Deadline and you still want to purchase the property you must withdraw your objection prior to the Due Diligence Documents Resolution Deadline or your contract will terminate.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" and withdraw "Title-Related Objection Notice"
    If you've come to a resolution regarding your due diligence documents concerns, then your Real Estate Broker should prepare an "Amend/Extend" to the "Contract to Buy and Sell Real Estate".

    In addition, they should prepare your "Title-Related Objection Notice" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF RESOLVED: Sign "Amend/Extend" and "Title-Related Objection Notice" withdrawal via DocuSign
    If you've come to a resolution regarding your due diligence documents, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate".

    Additionally, sign the withdrawal section of the "Title-Related Objection Notice" via DocuSign.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF RESOLVED: Save "Amend/Extend" and "Title-Related Objection Notice" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" that you signed via DocuSign to your property folder in Dropbox.

    Also, save the "Title-Related Objection Notice" that you withdrew to your property folder in Dropox overwriting the previous one.

    You'll replace the "Amend/Extend" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  6. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Sign "Title-Related Objection Notice" withdrawal
    If you are unable to come to a resolution with the Seller over your due diligence documents but you still want to purchase the property, you will need to withdraw your "Title-Related Objection Notice" prior to the Due Diligence Documents Resolution Deadline.

    Sign the withdrawal section of the "Title-Related Objection Notice" that your Real Estate Broker sends over via DocuSign.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  7. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Save "Title-Related Objection Notice" to Dropbox
    After signing the withdrawal section of the "Title-Related Objection Notice" via DocuSign, save a copy of it to your property folder on Dropbox.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

Conditional Sale Deadline

inspection-and-due-diligence-conditional-sale-deadline

  1. Complete "Conditional Sale Deadline" checklist
  2. REAL ESTATE BROKER: Helping you sell the other property
    Often your Real Estate Broker is listing the property for sale that you need to sell to be able to buy this property. In those cases, your Real Estate Broker is helping you sell that property.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  3. REAL ESTATE BROKER: Keep Seller's Real Estate Broker informed of progress
    While working toward selling your other property, your Real Estate Broker should keep the Seller's Real Estate Broker informed of progress.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  4. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you're unable to sell your property to meet the terms of this "Contract to Buy and Sell Real Estate", your Real Estate Broker would prepare a "Notice To Terminate" and "Earnest Money Release" to protect your Earnest Money.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  5. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you're terminating, sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over via DocuSign.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  6. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over via DocuSign, save them to your property folder in Dropbox.

    You will replace the "Earnest Money Release" when the Seller signs it.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  7. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING DEADLINE: REAL ESTATE BROKER: Prepare "Amend/Extend"
    If you're unable to sell your property to meet the terms of this "Contract to Buy and Sell Real Estate" but we are able to successfully negotiate an extension of this deadline with the Seller, your Real Estate Broker would prepare an "Amend/Extend" to extend this deadline to protect your Earnest Money.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  8. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING: Sign "Amend/Extend" via DocuSign
    If you and your Real Estate Broker have negotiated an extension of this deadline, sign the "Amend/Extend" that your Real Estate Broker sends over via DocuSign.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  9. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING: Save "Amend/Extend" to Dropbox
    Once you sign the "Amend/Extend" that your Real Estate Broker sends over via DocuSign, save it to your property folder in Dropbox.

    You will replace it when the Seller signs it with the fully executed version.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

See the Closing and Possession group of Dates and Deadlines.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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