Here is a checklist to help make the closing go smoothly.
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CLOSING DAY
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Tips For A Smooth Closing
The big day is here! But what exactly happens at closing?...
At closing, the buyer requires that the seller prove the title is complete and free of anyone else's claims. Technically, two separate closings occur at this time: the closing of the buyer's loan and the closing of the sale. The closing is typically attended by the buyer, seller and their attorneys, plus the closing agent. The meeting can take from 1 ½ to 3 hours and is usually held at the closing agent's office (title company) or the seller's attorney's office.
You'll be required at that time to review and sign various documents relating to the sale and closing costs. The closing agent will review the settlement sheet with you and your attorney and answer any questions. Once everyone agrees that the papers are in order, the buyer will submit a certified or cashier's check to cover the closing costs and the balance of funds due (if applicable). After everything is signed, you give the keys to the buyer. It is now their home to enjoy!
Seller's Home Closing Checklist
- Have you removed all your personal property items?
- Have you left the property in the condition you promised you would?
- Is the Sale Price and payoff information correct on your closing documents?
- Were you given credit for any items agreed upon to be credited to your account?
- Is a satisfaction of mortgage or payoff document being prepared for your old loan?
- If you will be signing a Bill of Sale for personal property items, are those correct?
- Are the prorations correct? Check the dates on these debit and credit items.
- Do you know what day you must vacate the property? Is it the day of closing?
- Have you agreed to perform any repairs or other work before or after closing?
- Are the title and closing costs as you understood them to be?
- Is the attorney fee, closing agent, transfer tax, or title insurance fees correct?
- Did you correctly make any disclosures as required by your state or federal law to the new buyer? Or, did you sell the property in "as is" condition?
- Is the Realtor fee correct?
- Is any money being held back in escrow on your behalf? If so, how and when will it be released?
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