Contract to Closing
Once the hurdles of inspections and appraisal have been completed and we’ve verified with the buyer’s lender that his loan application has been approved, and once you’ve scheduled contractors to complete any agreed-upon repairs resulting from the buyers’ inspections, your journey as a seller is drawing to a close!
We will continue to stay in touch with the buyer’s agent, lender, and the closing attorney up until the closing date, but in the meantime, you will need to be thinking about your next steps. If you are also on a journey as a homebuyer, you may be juggling multiple steps at this point and making arrangements for two closings at one time. Regardless, you will need to be making arrangements to vacate your house and move on to your next residence.
You will most likely need to hire a mover, so it will be necessary to obtain price quotes and hire a moving company. This is another opportunity for you get recommendations and referrals from family and friends. Remember, movers handle all of your belongings and you want to make sure that you use a company you are comfortable with, which has come highly recommended by someone you trust and has received great reviews on websites like Yelp, Angie’s List, and other similar third-party review sites. Keep in mind that moving company schedules often fill up quickly, so taking care of this piece of the puzzle as far ahead of closing as possible will help you to get the moving date that works best for you.
One to three days prior to closing, the buyer will conduct his final property walk-through. He may choose to have his home inspector come back to re-inspect the items you have agreed to repair. In the event that any item(s) have not been completed or have been completed incorrectly, the buyer will resubmit a request to have them done prior to closing. Incomplete repairs can cause the closing date to be delayed and can set into motion delay after delay, if you are closing on a new home of your own following this closing, so it is imperative to be sure that all repairs have been completed before the final walk-through.
Also between one and three days before closing, the closing attorney will receive the loan package from the lender and complete a Preliminary Settlement Statement, which will outline and calculate all of the numbers of closing, including the contract sales price, your contribution to the buyer’s closing costs (if any), prorated taxes, and all other costs associated with closing. I will review the numbers with you, correcting any oversights or mistakes, and then you will be ready to close!