Once you accept an offer to sell your house, you will want to make a list of all the things you need to do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items.
If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present.
Before the closing, you should make a “to do” list for turning the property over to the new owners.
Here is a checklist to get you started.
- Cancel electricity, gas, lawn care, cable and other routine services. coordinate dates with your agent. some are specific to your contract.
- If the new owner is retaining any of the services, change the name on the account.
- Gather owner’s manuals and warranties for all conveying appliances.
