Before The Real Estate Closing
Both parties will need to sign the purchase contract to solidify an offer. This legal document outlines terms of the agreement, such as the buyer’s inspection period, how much money the buyer is putting down, and the closing date.
If your buyer has requested repairs based on the results of their home inspection, you’ll work with your real estate agent to negotiate the repairs. If the buyer is financing the purchase, then a home appraisal is necessary. The appraisal report provides an objective, third-party assessment of what the home’s value is. Once you’ve worked through these hurdles, you can being to prepare for closing day.
- Clean your home for the final time, taking special care to check drawers and closets for items left behind.
- Gather documents for appliances and other items such as warranties, manuals, receipts, and any home improvement projects you’ve had done to the property.
- Shut off the main water valve to the property.
During A Real Estate Closing
It’s time to seal the deal. Here’s what to bring to the closing table:
- Photo identification of all sellers on the home contract. Make sure you bring two valid forms of ID.
- Keys and/or security codes for the home and any remotes to appliances. For example, the garage door, HVAC, motorized window blinds, etc.
- Final utility bills to be paid.
- A cashier’s check to cover closing costs if you didn’t wire the money already.
- Your checkbook in case there are any unforeseen costs to cover.
- Proof of repairs made per the home inspection.
Check with your real estate agent before closing day to confirm this is all that you need. Every state and individual sale will vary when it comes to closing necessities, so there may be additional items to bring based on your situation.
Your real estate agent or attorney will handle all other essential documents required for the meeting, such as the closing statement, seller disclosures, deed to the home and purchase contract. At closing, you and your agent will meet with the buyer and their agent to sign all the paperwork and settle the final closing costs.
After The Real Estate Closing
After your home’s final sale, you will receive a package of paperwork to file away, in addition to a check for the proceeds of the sale. Here are just a few final things to make sure you wrap up.
- Change of address. Notify everyone that you’re moving and update your address with the post office.
- Cancel homeowner’s insurance policy and utilities. Wait to do this after the transfer of ownership is complete.
- Cover additional expenses such as taxes, insurance, attorney fees, HOA dues, real estate commission, title fees, etc. These will depend on the details of your home sale.
DaMore Real Estate Law Services
Buying or selling a home is a significant undertaking. Our team ensures that everything moves as smoothly as possible, from checking the title is free and clear to the exchange of keys on closing day. Request a consultation and one of our skilled attorneys will be happy to discuss your real estate closing.