It’s always such a relief when you are selling your home and you get an offer. For most sellers, it feels like their work is done. No more showing the house, no more keeping it picked up, no more lock boxes. A contract feels like the deal is done. So it’s no wonder sellers can find themselves confused when they realize there are a few more steps to be taken before their contract makes it to the closing table. Add into that mix the sheer number of people who are suddenly involved (sellers, buyers, realtors, attorneys, financial institutions, inspectors, etc.) and the process from contract to closing can get very confusing, very quickly.
To help you out, we have compiled a list of things to keep in mind from contract to the closing table.
- If there is a contract on your home, there are still many reasons you would want to continue to allow your agent to show your home. You want to make sure that all inspections have been completed and any contingencies have been removed, before you request to stop any showings of your home.
- Removal of the lock box will be up to you. Keep in mind you will want to make sure to allow access for the home inspections, appraisals, and the final walk thru. For this reason, we would suggest that you leave the lock box on your home until closing.
Termite Inspection & Survey
- Once this inspection is completed, you will be advised of any necessary repairs or treatment. If any encroachment issues appear on the inspection report, they will have to be handled by the proper parties.
- A good title search protects the buyer from otherwise unknown title related issues. Your escrow officer can help you should issues arise.
- If you are having your utilities transferred to your new residence, be sure to have them scheduled for the day of closing. The buyer needs the opportunity to be sure everything is in working order at a final walk thru of the home on the day of closing.
- As stated previously, the purchasers are entitled to a final inspection of the property before closing or on the day of closing. This happens so that they can ensure the property is in the same condition as originally inspected and that all requested repairs have been completed.
Possession of the Home
- Once the deed is recorded and the keys have been released, the buyer will then have possession of the home. You want to make sure that you move all your belongings out prior to the closing date. If you happen to be closing on a new home on the same day, be sure to have all your belongings on the moving truck by closing time.
Final Mortgage Payment
- This will depend on the actual closing date. Your loan officer will let you know exactly what and when to pay.
- During closing, all parties that are on the deed must be present with proper identification, or they must be represented by properly executed powers-of-attorney. Any keys associated with the property or it’s surroundings, garage door openers and any maintenance fee/association fee coupon books, should be brought to the closing. If you are unable to attend, you may be able to set up some sort of arrangements to complete closing through a mail-away.
Home Owners Insurance
- You will want to make sure you cancel your existing coverage after closing, due to any sort of delays that may occur. You also want to make sure that you update your information with your new home address for any refund checks that will be mailed.
- The final closing statement will be reviewed and you will be notified of any changes in figures or costs.
It takes a lot of steps to complete the closing process when selling your home. Be sure to stay informed of all information that is crucial to you as a seller. Keep track of all documents, receipts, and updates to the contract that may occur. And remember, if you have any questions, you should always feel comfortable reaching out to your closing coordinator in regards to anything during the closing process… after all this is what they specialize in.
Keeping it real,
Cloninger Properties Team