Your buyer will more than likely require a home inspection to tell them if the home has any issues. Once the inspection has been performed, the buyer should receive the inspection report within 24-48 hours. There is a possibility that the buyer could come back and ask you to pay for necessary repairs or lower the price to adjust for the costs.
City Inspection (if applicable)
The city may require an inspection once an offer has been accepted. Your agent will coordinate a time for the city inspector to make sure the home is up to code with the city. This inspection is done around the same time as the home inspection and home appraisal, prior to closing.
The buyer’s lender will require the house be appraised by a professional, who is usually provided by the lender. The appraisal gives you a detailed report of the value of the home. If the home’s appraised value is less than the purchase price, the buyer will either need to make a greater down payment or negotiate with you to lower the price. A lender will not give you a loan for more than the appraised value.
Your agent will work with the buyer’s agent to coordinate a time for your closing on the date that is noted in the purchase agreement. For the seller it is typically a shorter process to close, but it is helpful to allow at least one hour to sign documents and complete the closing.
Contact Title Company/Attorney
Your agent may ask you to contact the title company or attorney that is handling the closing to provide additional information, so they are prepared on the day you close. This information can include your social security numbers and any loan payoff information. Check with your agent prior to closing to ensure they have all the information they need so the closing is completed smoothly, without interruptions.
Change of Address & Cancel or Transfer Utilities
A change of address can be done online or at your local postal office. By doing this ahead of time it can save you time and hassle. Canceling and transferring utilities is another housekeeping item that is important to coordinate. Start with a list and contact each utility company to let them know when you are moving and to discontinue service. Also, let them know the address of where you are moving to and that you will be taking over the utilities after closing.
Everyone can appreciate a clean home on moving day. It is expected that the seller cleans the home prior to closing and leave nothing behind for the new owners unless agreed upon in the purchase agreement. If you are looking to hire this done prior to closing your agent can help refer a cleaning service.
The buyer is allowed a final walk-through of your home before closing with their agent. This allows them to make sure any items that should be there, as per the contract, remain. It also lets them check the condition of the home to make sure no extra damages have occurred. If they find anything different from what you agreed upon, they have the right to postpone the closing to give you time to fix the problem.
This is the day when you sign documents and turn your home over to the new owners. We always strive to be at closing with you, as well as the buyer, the buyer’s agent, the closing officer and perhaps the mortgage broker. Any person(s) who signed the purchase agreement will need to bring their photo ID. Check with your agent about any additional details of your closing that you should be aware of.