You’re finally in the home stretch. Closing—also known as settlement—is the last step, the official transfer of the property from you to the buyer. The time between final acceptance of the Purchase agreement by the buyer and seller and closing is limited, so it is very important that all participants---the agents, lender, closer, buyer, and seller have an organized approach to the process and stay on top of all the details. We focus on communication with all parties to keep them apprised of the progress.

The buyers’ have probably included in the Purchase Agreement an Inspection Contingency Addendum in which they have a limited amount of time to arrange for a professional inspection to carefully evaluate your homes systems and structure. This inspection is completed at their expense and the inspection report may contain items of concern to them. According to the terms of the Inspection Contingency Addendum, they also have a limited amount of time from the date of the inspection to advise through us in writing, of items which they would like repaired before closing, or, if they would like an adjustment made, based on the inspection, in the previously agreed upon price for the home. The seller in turn has a limited amount of time, defined by the Addendum, to respond to any inspection related requests made.

The buyers’ lender will order, at the buyers’ expense, the Appraisal or valuation of the property as soon as possible, since the approval for the mortgage loan is subject to a satisfactory appraisal. A licensed appraiser will contact us and we will arrange a time when they can come to your home for this purpose.

A title is the document that verifies your legal right to your home. To make sure there are no past errors or legal entanglements that might affect your title and therefore the transfer of that title to a new owner, an extensive Title Search is performed at the expense of the seller. Frequently, the title company and closing company are one and the same. Approval for the buyers’ mortgage loan will also hinge on a satisfactory title search.

The sellers need to make sure that their name is removed from all utility service contracts and utility bills are paid up to the date of closing. These include electric, natural gas, fuel oil and propane (prorated to allow for tank content at closing) water, sewer, telephone, cable or satellite, and trash removal.

It is a common and accepted practice in most communities for the buyers’ agent and the buyers to arrange a final walk-through of your home as close to the closing date and time as possible. We will coordinate the time with the buyer's agent to make sure that the time chosen is convenient. The buyers will use this time to address any last minute issues concerning the home that the sellers may need to clarify at the closing table and also to make sure that everything included in the purchase agreement remains on the property.

The Settlement Statement (also called the Closing Statement or HUD-1) is a document that presents a final, detailed accounting for a real estate transaction, listing each party’s charges and credits and the amount each will receive or be required to pay at closing. The sellers biggest expense at closing will be their mortgage pay-off; the closing company will obtain that final figure and include it on the Settlement Statement as one of the items deducted to arrive at Seller proceeds. Closing companies usually try to send a copy of the statement to us ahead of time so that we may review and possibly request changes, additions, or omissions to help facilitate a smooth closing process. If at all possible, we will review the statement with you prior to closing even though it will be explained to you in detail by the closer before you sign it.

Contrary to stories you may have heard, the typical closing proceeds without complications and last only an hour or so, and most of that time is spent with the buyers. It usually takes place at the office of the title company and we will make every attempt to be with you throughout the closing. The buyers, their agent and possibly a representative of their lender will probably be called in first—the buyers have much more paper work to sign, especially since a mortgage loan is usually involved. We will then be called in for the final signing process. You may be asked to bring: a photo ID, a list of where you have lived the past ten years, a paid garbage receipt through the date of closing and any remaining keys and garage door openers. Please leave all manuals, warranties and miscellaneous at the house on the counter for the new buyers. You will probably have the opportunity to share information about the neighborhood, newspaper delivery contacts etc. with the new owners and to wish them well!

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