Close of
Escrow
Closing day is a pivotal moment in the property selling process. It’s the day when ownership of the property is officially transferred from the seller to the buyer.
Here’s what you can expect and how to prepare:
1. Final Walk-Through Inspection:
- Purpose: This is the buyer’s final opportunity to ensure the property’s condition hasn’t changed since their last visit and that all agreed-upon repairs or changes have been made.
- Timeline: Usually occurs the day before or on the closing day itself.
2. Cancel Home Services & Utilities:
- Reminder: Remember to discontinue utilities, including water, electricity, gas, and other services like cable and internet.
- Handy List: We’ll provide a list of service providers and their contact numbers to make the transition smoother for you.
3. Expect the Unexpected:
- Unforeseen Issues: Glitches can emerge even at this last step – a sudden repair need, a delay in the buyer’s financing, or other unpredictable events.
- Our Role: With experience on our side, we’ll navigate any last-minute issues efficiently, ensuring a smooth closing process for all parties.
4. The Actual Closing:
- Settlement Statement: This document, also known as the HUD-1 Settlement Statement, details the financial transactions carried out during the sale process. It will list out the sale price, any adjustments, fees, and the amounts due to and from both parties.
- Signatures: Both the buyer and seller must sign the settlement statement. The closing agent also signs, confirming the document’s accuracy.
- Remote Closing: If you can’t be present in person on closing day, let us know in advance. We can often arrange for remote signings or other solutions.
- Receiving Your Funds: You can choose to receive your sale proceeds either through a wire transfer to your bank or as a check handed over at the closing.
- Handover: Be prepared to give the buyer all property keys, remote controls, and any essential information or manuals related to the property.
Conclusion:
While the closing day brings a mix of excitement and anticipation, being well-prepared can make it a smooth and rewarding conclusion to your property selling journey. We’re here every step of the way, ensuring that all details are handled and that you can transition seamlessly to your next adventure.