Once we receive those long awaited magic words from the buyer’s lender; CLEAR TO CLOSE, the closing can be scheduled.
What is the closing? It is a meeting in which you will sign documents to transfer ownership of your property to the buyer(s). This is also when your will receive any proceeds from the sale.
When and where is the closing? Closings will most often be scheduled to occur in our office. They occur a few days after the lender gives the clear to close notice. Best efforts are made to most conveniently fit this meeting into everyone’s availability, but that is often difficult and sometimes sellers and/or buyers will need to be flexible, compromise, make adjustments and most likely take time off work in order to attend the closing. Closings occur during typical business hours of Monday through Friday 9-5. (4:00 is typically the latest time scheduled in order to be completed by 5). Every person on the title of the property needs to make arrangements to attend in order to sign the paperwork.
Who attends the closing? Sometimes there is quite a room full of people at closing. Therefore, I like to prepare my sellers of what to expect before showing up to wonder who all these people are. At closing you will often see: The seller(s), the buyer(s), the listing agent, the buyer’s agent, the buyer’s lender, a closer from the owner’s title company, a closer from the buyer’s title company.
What does a seller need to bring to closing? Sometimes sellers kind of wonder if there is something special they need to bring to the closing. But in most cases, you’re just going to need show up with an ID.
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Once the closing is scheduled, there are a few things that will occur in preparation for closing day.
Transfer utilities – the buyer will have the responsibility to call the applicable utility companies and request service be transferred into their name effective on the date of closing. It is important and your contractual obligation to keep utilities in service for the property until the date of closing. But it’s always a good idea to call the utilities yourself to ensure that the transfer has occurred.
Be watchful and mindful of wire fraud – Your proceeds will typically be given to you in the form of check at closing. If you wish for them to be wired, you will need to work closely with the title company and be respectful and patient in their procedures to do so. They will most likely require paperwork and signatures for wires to be completed in person with them. This is a measure they take in efforts to protect everyone involved from fraud.
Buyer’s final walk through – This will occur within the last couple days prior to closing. This is the buyer’s opportunity to ensure that the home is still in the expected condition before they sign the papers. If the you agreed to make repairs, this is when the buyer will verify that they have been done.
