Closing Day and Close of Escrow
If you have come to the day for close of escrow, this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends:
Final Walk-Through Inspection.
More of a formality than anything else, the final inspection takes place the day before, or the day of the closing. The buyer visits the property to verify that all is in working order. Everything should be the same as when the buyer last viewed the property. Also, there should be no extra items left behind. On the close of escrow for the sale of their home, sellers should ensure that all contractual obligations are met, including any agreed-upon repairs or inspections. It’s crucial to confirm that the property’s condition is as specified in the contract.
Cancel Home Services and Utilities.
Michelle will provide a list of useful numbers for the termination of home services and utilities after the closing occurs.
Be Prepared.
Michelle is ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. She has encountered these problems before so she knows how to handle them efficiently and in a stress-free manner.
Close of Escrow.
The closing agent will furnish all parties involved with a settlement statement at close of escrow. This statement summarizes and details the financial transactions enacted in the process. The buyer(s) will sign this statement and then you will sign as well as the closing agent, certifying its accuracy. Sellers should also prepare to hand over all keys, garage door openers, and any other access devices. If you are unable to attend the scheduled closing, then arrangements can be made depending on the circumstances and the notice that you provide.
Financial Considerations at Close of Escrow.
If you are receiving funds from the transaction, you can elect to have the funds wired electronically to an account at your financial institution. Alternatively you may have a check issued to you at the closing. Financially, the closing agent needs to review the closing statement to verify the accuracy of debits and credits, ensuring that mortgage balances, property taxes, and other fees are properly settled.
Coordination.
Coordination with the escrow officer is essential to finalize documents and fund transfers. It is advisable to keep a copy of all paperwork for future reference. By being organized and thorough, sellers can ensure a smooth and efficient closing process.