From Contract to
Closing When Selling
From Contract to Closing When Selling Your Home
Inspection
The home will be inspected and appraised. During the inspection, any items that may need to be repaired will be identified and the buyer's agent will present an inspection response. We will respond, ultimately deciding which repairs to make. Once all parties have agreed, repairs should be made prior to the final walk through.
Appraisal
For purchases where a lender is involved, the appraisal is ordered by the lender. The appraisal must meet the purchase price of the home for the lender to agree to finance the purchase. Appraisals are a subjective opinion of the market value of the property and, thus, can sometimes come in lower than the purchase price of the property. To learn more about how to prepare for an appraisal,
click here.
Buyers Final Walkthrough
The final walk through can be performed anywhere from a few hours to a few days before closing. It is the buyer's last chance to be certain that the property is in the condition they agreed to buy it. The home should be "show ready". Think of it like the first showing or the day you prepped your home for professional photos - the home should be just as it was then.
The buyer and their agent will review the home to make sure all agreed upon repairs have been made. Everything addressed in the inspection report should be taken care of and documented with receipts or invoices at this point.
Closing Day Expectations
You're in the homestretch! The marketing, negotiating and re-negotiating are complete, and now it's time to close on the transaction you've worked so hard to complete. On closing day, your property will be transferred from you to the buyer - the new owner.
The lion's share of document signing will be up to the buyer, but as the seller you will sign the deed over to the buyer. This act officially transfers ownership to the buyer. The title company (or in some cases a lawyer or notary) will register the new deed with the appropriate government office. This record will show the buyer as the new homeowner.
As the seller, you will receive any proceeds earned from the sale.
This is a great time to communicate any pertinent information about the property. Most importantly to this meeting, you will be bringing the keys to the home, but also consider bringing or relaying information such as garage entry codes and manuals or warranty information for any appliances - either have them on hand or tell the buyer where to locate them in their new home.
Any devices listed as fixtures need to be reset for the new homeowner. Mare sure your account information and usage data are wiped from the device so that they may use it. Check with your device's manufacture to find out how to do this.