6. What to Expect When Inspections and Repairs Happen
Serving Hampton Roads
We're Close to the FINISH LINE!
We have two final steps to accomplish and you are done! First, the buyer will conduct a final walkthrough shortly before closing to ensure the home is in the agreed upon condition. Then each of you will sign closing documents, beginning with you as the seller and moving to them taking ownership as the buyer.
WHAT TO EXPECT AT THE WALKTHROUGH
The walkthrough is usually a very quick, simple process. The agent will review all invoices and repairs to confirm repairs have been completed. The buyer will move through the home checking on appliances, lights, and anything else that may have stopped working since their home inspection. If anything has happened to prevent the home from being in the condition intended for the buyer, you can have it repaired, pay for the repair to be done later, or negotiate with the buyer depending on the cost.
WHAT TO EXPECT AT THE CLOSING
Closing is when funds and documents are drawn up and signed in order to transfer ownership of the property to the buyer. You should plan to be moved out and have the home ready for the buyers before closing, as they become the owners immediately upon signing. Each party will meet with their settlement officer who will:
Review the contract and ensure all invoices are present
Prepare the documents for closing
Perform the closing
Make sure the buyer’s title is recorded
Distribute all funds including the payoffs that are due you
PROBABLE COSTS: WHAT THE SELLER USUALLY PAYS
Mortgage balance & penalties if applicable
Any claims against your property
Unpaid assessments on your property
Real estate agents, for payment of commission
Title insurance policy
Home warranty
WHAT TO BRING TO CLOSING
Sellers NEED TO BRING THIS to closing:
- A government picture ID
WHAT TO LEAVE IN THE HOUSE
Sellers need to LEAVE THIS in the house:
- Keys for the home & mailbox
- Garage door openers
WHAT TO KEEP AFTER CLOSING
Seller NEED TO KEEP COPIES of the following for taxes:
- All closing documents
- All home improvement receipts
FINAL STEPS FOR SELLERS
1. CANCEL POLICIES
Once title transfer has occurred contact your insurance agent to cancel your policy so you can receive a refund of any prepaid premiums.
2. CLOSE ACCOUNTS
Cancel utilities and close those accounts. Be sure to allow a day or two for the buyer to have utilities switched on in their name. Keep a list of phone numbers for each of your utility and entertainment companies.
3. CHANGE ADDRESS
Let everyone know your new address. Submit a change-of-address form to the post office.
4. TURN EVERYTHING OFF
Turn off valves to the sinks, toilets, appliances, and water heater. Turn off all light switches and fans.
5. DOCUMENTS
Secure all closing documents as well as the contract and closing documents. Keep them in a safe place.
6. GATHER HOME PAPERWORK
Put together a packet of manuals, receipts, and any warranties as well.
7. CLEAR OUT PERSONAL ITEMS
Move out your personal belongings completely. Check all drawers, cabinets, and closets.
8. CLEAN
Ensure that your home is completely clean upon leaving the home. Clean the cabinets, refrigerators, and other appliances inside and out. Thoroughly clean out the garage. Schedule trash pick up prior to the day of closing. Leave your home the way you would like to find it if you were the buyer.
9. INCIDENTALS
Leave all house keys, remotes, gate keys, pool keys, and mailbox keys in a drawer in the kitchen.
10. FLOORS
Vacuum and sweep floors one more time
11. LOCK UP
Ensure all blinds are closed, and lock the windows and doors.
12. LEAVE
Leave all keys behind, and the buyer's agent will take the keys from the lockbox for the buyer.
