What every seller needs to know about closing

Closing occurs when both parties sign the final title transfer paperwork, as well as insurance papers, at which time the buyer becomes the legal owner of the home.

Typically, from the date the purchase agreement is signed to the closing date, closing takes four to six weeks. During that time, the buyer's funds for the purchase are held in an escrow account until all contingencies, including inspection and appraisal, have been met.

Your agent will be able to answer all your questions and offer support until closing. Here's what you can expect to happen throughout the process, from start to finish.

Before closing, there will be a final tour

Most sales contracts give the buyer one last chance to tour the house within 24 hours of closing, to check that the property is in good condition and to make sure any agreed-upon repairs have been made.

In most cases, no problems arise at this stage of the operation. (If there is a problem, your agent will surely be able to advise you on it). The final walk-through gives buyers peace of mind knowing that you, the seller, have complied with the terms of the sales contract and have made any repairs identified during the inspection.

Follow these steps to prepare for the final ride

To ensure your tour runs smoothly, follow these six steps:

Step 1 — A Splendid House Your house should be immaculate for the final tour. If the buyer will take ownership on the day of closing, then you should move out completely. But moving can be tricky. After everything is cleared, packed, and removed, a more thorough cleaning may be necessary.

Step 2 — Manuals and warranties Make life easier for the buyer: leave all the manuals and warranties for the household appliances. Print a set of copies and leave them on display in one place for the new owner. If the contractors gave you receipts for the repairs, put them with the manuals.

Step 3 — A List of Vendors Provide the buyer with contact information for any contractors or maintenance companies you have used. These providers are familiar with your home, and the new homeowner will appreciate having a list of professionals they can trust to take good care of their new home.

Step 4 — Don't Forget Anything Do one more whole-house check to make sure you don't forget anything. One exception: it would be a nice gesture to leave a few cans of paint left over from the current colors on the walls of the house, but first ask the buyer if it seems like a good idea.

Step 5 — Shut off the water valves The last thing you want to happen before shutting down is a flood. With the buyer's permission, turn off the house's main water valve 24 hours before closing.

Step 6 — Everything locked Until the transaction closes, you are legally responsible for the house, that is, if there is a theft before closing, you would be responsible. Therefore, the day before closing, be sure to close the curtains on the windows and lock the front doors. If a home appears to be uninhabited, it is a welcome sign for burglars. It's a good idea to leave your porch light on or set an interior light to come on and off on a timer.

If on the final tour there is a problem with the house, do not panic. Standard protocol is for the buyer's agent to immediately notify the seller's agent that there is a problem. Both parties then work together to resolve it. Usually the closing is delayed or there is additional negotiation, such as some kind of discount on the sales price. In other words: there are different options and your agent knows how to help you.

Whats Next? The Closing Statement

Suppose that in the final run everything goes smoothly. (Bravo!) What happens next? You will get the information about closing costs from the title company.

At the same time, the buyer's lender must provide the buyer with a closing disclosure, or CD, three business days before closing. This is a formal statement of the buyer's final loan terms and closing costs. As a borrower, the buyer is entitled to a three-day review period to see if there are material discrepancies between the CD and the Loan Estimate (LE), a document buyers receive when they apply for a loan. The LE describes the approximate commissions that the buyer would have to pay.

At the closing, these people will be present

Closing usually takes place at the buyer's or seller's title company, attorney's office, or real estate agent's office. (Unless you live in a state that allows electronic closings with notaries to be performed remotely. In that case, the parties involved may choose to sign the documents digitally.)

The list of people who must be present according to the law will depend on each state, but usually they will accompany you:

• Your agent

• The buyer

• Buyer's agent

• A representative from the title company • The loan officer • The real estate attorneys involved in the transaction.

Don't forget to bring these items

At closing, you must bring:

• Official identity document with your photo

• Ratified copy of the sales contract

• House keys, garage remotes, mailbox keys,

• gate keys and pool keys, if any

• Cashier's check or transfer slip, if closing costs are not deducted from the sale price. (Yes, it's okay to use a cashier's check, especially if you don't want to deal with the hassle of a wire transfer, which can take time to clear. With a cashier's check, you're guaranteed to have the money you need at closing. )

Don't forget these last details!

Before you rush out looking for paint samples for your new place, remember to follow these final two steps that sellers often overlook:

Transfer of ownership of services. You don't want to pay the new owner's utility bills, do you? Arrange with the buyer so that title to the utilities (gas and electric, as well as water and cable) is transferred to the buyer on the day of closing.

Update your address. You obviously want your mail to reach your new home. Providing an address for your mail forwarding will also ensure that you can be contacted if there are any post-closing matters that need your attention. You can file a change of address request with the US Postal Service.

Estee Soto

Estee Soto is a real estate agent with eXp Realty, a certified mentor and eXp Latino ambassador, and the CEO and founder of TagCrush LLC, an all-in-one digital marketing platform for real estate agents. She leads the TAGHOMES team, specializing in luxury properties, new developments, and international buyers across Florida.

More information about Estee Soto HERE