Closing is the culmination of the home selling process. When everything has been done properly and completely, the closing should go smoothly. However, it’s important to have a clear understanding of what needs to be done to prepare for your closing.

What needs to be done in preparation for closing?

There are a number of items that will need to be completed successfully between the time the purchase agreement is accepted and the actual closing. Each one is critical to the completion of the process. Your Agent will assist you with any questions that you may have and will keep the process moving along on the appropriate timetable.

Financing. Although the Buyer was pre-approved for the necessary financing prior to the purchase agreement, that doesn’t guarantee that they will get their home loan. If something changed, for example a change of employment status, they may no longer qualify. If there is a contingency for financing, their should be a deadline for the Buyer’s financing to be in place. Once completed, that contingency will be removed from the purchase agreement.

Home inspection. Most Buyers will require a home inspection as a contingency in the purchase agreement. The lender may require an inspection as a condition for funding of the loan. Work with the Buyer to schedule the inspection as soon as possible. Upon completion, you will be notified if there are any issues that need to be addressed. Your Agent will advise you of your options if this occurs.

Appraisal. The Buyer’s lender will require that the property is appraised for current market value. This protects the lenders interests and you will receive a report done by a professional with local market knowledge.

Title search. A title company will conduct a search of all necessary records to make sure that the title to the property is in good order. The results of this search will be used to offer title insurance. Also, it is not unusual to find liens or lawsuits that must be settled prior to transfer of the title.

Lender statement. If you have a home loan or home equity loan, you will be required to provide a statement from the lender that will be used at closing regarding the disbursement of funds.

What happens at the closing?

The closing will be preformed by a third party, usually a closing representative from the title company. The objective is to complete the transfer of ownership of the property per the terms and conditions in the purchase agreement. All necessary documents will be reviewed, signed, exchanged and filed.

What do you need to bring to your closing?

• Certified or cashier's check payable to you for the amount due at closing
• Photo identification (for notary purposes)
• Social Security Number(s)
• Addresses for the past ten years
• Conditions and any special documentation as required by your lender
• Insurance binder and one year paid receipt

What will happen at your closing?

• Closer will collect conditions or documentation not previously provided to your lender
• Final settlement statement will be reviewed and signed
• Closing documents will be reviewed, signed and notarized
• Owner's title insurance can be purchased
• Information on homesteading your property is provided
• Funds are collected and disbursed
• Keys, garage door opener(s) and other property information is exchanged