Closing Day
If you have come this far, this means that we are almost at the end of the process.
Final walk-through inspection.
More of a formality than anything else, the final inspection takes place the day before, or the day of the closing. The buyer visits the property to verify that all is in working order, everything is the same as when the buyer last viewed the property, and that there are no extra items left behind. Please remember to keep utilities in your name through the day of closing!
Cancel home services and utilities.
Remember to cancel your utilities and home services for the day after closing. You’ll also want to let your insurance company know your forwarding address for any refund checks they might issue.
Be prepared.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.
Settlement.
The closing attorney will furnish all parties involved with a closing disclosure or HUD. These documents summarize and detail the financial transactions. You and the buyer(s) will sign this statement, as well as the closing attorney, certifying its accuracy. If you are unable to attend the scheduled closing, arrangements can be made for a mail away closing or power of attorney to step in and sign for you. Once all documents are signed, by all parties, the buyers’ loan must be funded and paperwork audited by the closing attorney and lender’s teams. If you are receiving funds from the transaction, you can elect to either have the funds wired electronically to an account at your financial institution, or have a check issued to you at the closing. The deed must be recorded with the registry of deeds and then the home is officially sold! The paralegal reaches out to your real estate Broker with the good news, which we will promptly share with you!
As the seller, you’ll need to decide how you want to arrange for the property keys and any other important information to be given to the buyer(s) at the closing. Sometimes sellers are agreeable to giving keys at closing, and other times they request that keys aren’t shared until recording takes place.
Congratulations, the property is now sold!