Closing Day
If you have come this far, it is almost time for congratulations. However, there are still a few loose ends to tie up before the celebration can begin.
Final Walk-Through
The final walk-through occurs shortly before closing, often the day before. During the walk-through, you will visit the property to make sure all expected repairs were made, that anything included in your purchase is still at the property, and that the property is in the same condition as it was at the time you agreed to purchase it.
Home Services and Utilities
Be sure to remember to have all utilities and services changed by the time of closing. Failing to do so could result in your electrical, water, cable, gas, etc. being turned off when you move in, and reconnecting those services could result in an extra charge.
Be Prepared
Real estate transactions are complex deals that have many moving parts. For this reason, it is not uncommon for something to go in an unplanned direction along the way. It could be that something at the property is broken, loan underwriting takes longer than expected, or any number of other glitches happen. If that occurs, do not worry.
We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
Closing
At closing, you will sit down with your real estate and closing agents and sign the necessary documentation. The closing agent will furnish everyone with a settlement statement, summarizing the financial aspects of the transaction, and a number of other documents. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing funds to the transaction, you can usually elect to either have the funds wired electronically into the closing agent’s escrow account or bring a certified bank check to the closing in the amount specified on the settlement statement. After both parties have closed and the funds are transferred, the property is yours. We have experience with a number of different closing agents, and we will be happy to provide you with options to consider.