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Sellers Timeline

Closing Day

If you have come this far it means it is almost time to celebrate! There a few loose ends however to remember to tie-up before closing.

Inspections & appraisals

Inspections. Most buyers will have the property inspected by a licensed home inspector within the timeframe that was agreed upon in your purchase agreement. Some buyers will have several different inspectors inspect the property, if they wish to obtain professional opinions from inspectors who specialize in a specific area (i.e. roof, HVAC, structure). Your contract outlines how the home inspection contingency is to be handled.

Appraisals. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution via third party. This is done so the lending institution can confirm their investment in your property is accurate and determine the loan conditions for the purchaser.

Title Company or Closing Attorney

How to close Auburn real estate

Either a title company or an attorney will be selected by the lending institution to handle the closing for your property. The closing agent will examine and insure clear title to the real estate. After researching history of your property the will certify that (1) your title is free and clear of all encumbrances (i.e. leases, restrictions and/or liens) by the date of closing; and (2) all new encumbrances are duly included in the title.

Final Walk-through Inspection

This is more of a formality but allows the buyer to view the property, usually the day of or a day before closing, to verify that all is in order as agreed upon per the contract. Property should be left ready for the new purchaser to move in.

Cancel Home Services and Utilities.

Arrange to have all of your utilities and home services terminated or transferred to the new purchaser for the day of closing. Of course, keep close tabs on your closing date as sometimes there can be delays and you don’t want the property to not be in working order at the last minute. We have encountered these glitches and know how to help you walk through this phase and plan accordingly.

Closing.

The closing agent will provide all parties with a settlement statement (HUD-1) prior to closing for you to review the financial details of your transaction. If you are unable to attend closing arrangements can be made to have the paperwork you are required to sign available to you prior to closing. 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 closing. The seller should arrange to have all property keys and all important information for the new purchaser at the closing.