Tall Country Realty is committed to ensuring your closing goes smoothly. We possess in-depth understanding of the process and are here to answer any questions you may have along the way. We will walk you through each step of the closing process.
We have found the success of a smooth closing lays in good communication and proper preparation. We will help you in both areas every step of the way. Closings should be a positive experience for everyone involved. The seller is receiving a price for their home they've agreed to, the purchaser is getting a new home, and the professionals are being paid for their service. The years of experience Tall Country Realty possesses will help ensure your closing is a smooth and pleasant experience.
Arguably the biggest part of a closing includes the drafting of a Warranty Deed for you to sign. This transfers ownership of the property to the buyer. The deed is exchanged for the funds due to you, the seller. Once the agreed expenses are paid, the remaining proceeds are transferred to you.
The whole process general begins with the Purchase Agreement. This, once signed, outlines each parties' obligations and establishes a time line. This document includes the agreed upon price of the property and details the contingencies to which the parties have agreed.
At the time of signing it is customary for the buyer to deposit earnest money of two to five percent of the total purchase price with the real estate broker or the title company. The seller then needs to select a title company, provide information on the existing mortgage, and making any repairs as agreed to in the purchase report.
Once all of these tasks are complete, the title company, lender, buyer, and seller determine a time and location for the actual closing. The seller authorized their existing mortgage to be paid, if there exists an outstanding balance and pay their closing costs. The title company is responsible for preparing the Settlement Statements according to the Purchase Agreement specifications.
Shortly before the actual closing date, documents are supplied by the title company to the buyer, seller, and real estate agents or attorneys for perusal and approval. Sometimes this happens the same day as the closing. At the closing all documents are signed, money is exchanged and the whole process is finalized with the placing of the deed and mortgage on public record.
Following is a list of the things you will need to bring to the closing:
- Government-issued photo ID, such as a Driver's License
- House keys and any alarm or garage door codes
- Certifications from the Fire Department for your smoke and carbon monoxide detectors
- Signed Deed
- Final bills and reading for water, sewer and oil services
- Most recent paid property tax bill
- Proof of repairs (if applicable)
While it's not strictly necessary, it's nice to attend the final walk-through of your home with the buyer. There are many things in a home that only the owner knows. Sharing that knowledge with the buyer, such as which light switch controls which light and the name and number of the plumber you use is very helpful. It's also common practice to leave any owner's manuals and appliance warranties in a kitchen drawer for the new owner.