Home Closing Checklist:
Be organized throughout the sale. Use the following as a basis for a closing checklist.
It can include items that the buyers will perform, such as the home inspection. It will help to keep you reminded of repairs that you’ve agreed to correct. Not all items listed below will apply to your situation, while others are optional buyer responsibilities.
- Create copies of the contract, amendments and disclosures.
- Contact the buyers’ lender.
- Contact the title and/or escrow entity.
- Arrange for deposit/disposition of earnest money.
- Order a survey (if needed): the contract or local custom dictates who orders and pays for it.
- Schedule home inspection: date/time.
- Arrange for packing and moving.
- Contact the local authorities to see if you’ll need an inspection certificate at the closing. In some areas, the local county or city requires owners to have their home inspected before closing.
- Follow through on agreed upon inspection repairs.
- Check to see if a termite inspection was performed, if required.
- Follow up on Association Fees and commitments: If you live in a development covered by a HOA (Home Owner Association), or in a condo, you most likely will have to get a letter from the association stating that you are current with your assessments. Some condo associations maintain the right to purchase your home before someone else does. This is a "right of first refusal" which means the association must issue you a letter stating that they have waived this right.
- Complete any mandatory well/septic tests.
- Follow through on any contingencies: stay in touch with your buyers until their contingencies are satisfied.
- Prepare for the appraisal.
- Call title/escrow company to see if everything is on schedule.
- Call utility companies for final reading/cancellations: in some areas, you must provide proof (a Municipal Certificate) from the local government stating services have been paid such as water and sewer.
- Arrange to cancel or transfer service contracts including pest control services, home security, pool and lawn maintenance, cable/satellite.
- Call title company to verify the date of closing. Request a copy of the "HUD-1" (closing statement) two days before the closing. Review for accuracy.
- Cancel hazard (homeowners) insurance AFTER completion of the closing and you no longer own the property and have vacated it.
- Consider NOT paying off any outstanding mortgage loans you have. Lenders are notorious for being slow to advise or simply not advising the local county office of deeds or records that the loan has been paid off. This can turn into a real nightmare right before closing. Better to have a small outstanding balance that will be paid from funds at the closing.
You will perform the activities shown above–whether you're listed with an agent or selling by-owner.
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