TIPS ON CLOSING ON A HOME

One of the most emotional days for both buyers and sellers is the day that ownership transfers.  For many,
it signifies a new beginning, full of excitement.  For some, it is a change in the direction or their life. 
Wherever you are on the emotional spectrum, there are some common tasks that need to be completed before the sale can be consummated.  Proper planning, in advance of the closing day, will help things go smoothly. 

Buyers will want to make sure that homeowner’s insurance has been secured and the closing agent, commonly an Attorney has a copy of the insurance binder on file.  In advance of the closing day, the buyer
will also want to make sure that any lender involved has all documentation necessary to provide a “clear to close”.  Buyers will want to have arranged for the transfer of utilities, completed a change of address form
for the post office, arranged for any mover or moving vans necessary, and completed proper packaging of their items to assure a safe transfer.  The day before or day of the closing buyers generally will complete a  walk-through of the property to assure that no damage has occurred during the sellers vacating of the property and that repairs required as part of the sale are completed and items remaining for the buyer are in place.  The day before the closing a call should be made to the closing agent to verify time and place of the closing as well as funds necessary to close, since usually a buyer will be required to bring certified funds to the closing.

Sellers will want to make sure that their insurance company is aware of the date of transfer.  They will want to arrange for termination of utilities as of the date of closing and make sure that a water reading (if property is serviced by public water and/or sewer) has been taken and called into the closing agent, commonly an Attorney.  Sellers should also take a reading on the fuel tank (if applicable) and call this into the closing agent with price paid per gallon, as a credit for remaining fuel may be due from the buyer at closing.  If a seller has completed repairs on the property, they should provide paid receipts to the buyer or their closing agent (Attorney) prior to the day of closing.  Sellers should make sure that any items required to remain as part of the agreement are in place in the property.  Most sales require that the property be left in "broom clean" condition, with all personal items removed.  Proper packing and mover planning will save a lot of stress and wasted energy.   A seller should make a call to closing agent to verify time and place for closing.

The real estate agent(s) assisting the parties in the transaction will help coordinate many aspects of the closing, often coordinating communication between all parties involved in the transaction.  Agents are often the center of the transaction, helping parties to meet their obligations.  At the time of closing, both buyer and seller will review a settlement statement with the closing agent indicating costs and proceeds of the sale.  They will then complete all necessary documentation.  At the time of closing the transfer of keys from seller to buyer will often take place, in some instances the keys will not be transferred until the sale is recorded at the Registry of Deeds.  Whenever this is to occur, all parties should be in agreement on how key transfer
will take place to avoid misunderstandings and movers wasting time sitting around waiting for access,
stress no one needs.

Whether buying or selling, the guidance of qualified professionals will help you save time, money, energy,
and avoid a lot of stress.   
 

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