Once a Ten-X auction concludes, successful sellers must each complete two phases before it’s time to celebrate their transaction.
If you plan to participate in a Ten-X auction, take the time to review our easy contracting/closing guide for sellers to ensure you will be prepared for what happens after the auction!
Phase 1: Let’s get the property under contract!
Execute the Purchase and Sale Agreement (PSA).
Once the buyer has signed the PSA, the seller will also need to electronically execute the PSA in a timely manner so the transaction can move into escrow.
It is critical for the seller not to delay in executing the PSA, as the time for the buyer EMD does not start until the seller countersigns the PSA.
Phase 2: It’s time to close! What happens next?
- Provide a payoff statement or letter. The seller needs to provide any loan payoff letter/statement from their lender that will be paid off in escrow.
- Provide listing broker information. Please ensure the escrow officer has his/her license and contact information. The broker is responsible for providing their invoice to the escrow officer.
- Provide all entity documents. If the seller currently holds title as an entity, please make sure the escrow officer has any related formation and authority to bind documentation related to the entity conveying title. A full list of requirements can be found in Schedule 1 of the title commitment.
- Provide any original deeds or title policies. Simply as a means of expediting the process, any original deeds or prior title policies will assist the escrow officer in validating the parcel’s correct legal description.
- Be mindful of prorations. Be aware of the prorations as per the PSA and or the jurisdiction the property resides in. Real estate prorations refer to the allocation of expenses or income between the buyer and seller of a property, based on the portion of time each party owns the property during a given accounting period. For more information, visit our Prorations Overview.
- Carry out seller obligations. Prior to closing, the seller shall maintain and, to the extent within the seller’s reasonable control, operate the property consistent with past practice. The seller shall cooperate with the buyer to allow the buyer to obtain responsibility for and maintain access to applicable utilities. The seller shall also comply with the terms of the leases and shall not enter into, terminate, or amend any lease without the buyer’s written consent. At closing, the seller shall relinquish possession of the property to the buyer and provide the buyer with all keys, codes, and other means of access to the property.
- Sign all closing documents. Be prepared to sign all documents promptly as required by the escrow officer. Delays can impact prorations, loan applications, and most importantly the close of escrow date.
- Provide wire instructions for proceeds. Please ensure the escrow officer has the correct wire instructions for timely dispersal.
- Congratulations! The property has closed! Our partnership with sellers is critical to the success of our auctions, and we hope you consider Ten-X for your next transaction.
Looking for information on buyer next steps? Read our Guide to Contracting & Closing for Ten-X Buyers.