As the closing is set to take place in a week, I would like to take a moment to remind you of some crucial details.
As a home seller, there are several things you can do to prepare for closing 7 days from close.
- Firstly, make sure all the repairs and agreed-upon work are completed as per the contract. Provide receipts or proof of work to the buyer as necessary.
- Next, make sure you have all the necessary documents ready, including the property deed, title report, and any other documents required by the lender or title company.
- Ensure that the property is cleaned and emptied of all your belongings. Make arrangements to have any remaining items removed and disposed of properly.
- Lastly, confirm the time and location of the closing with your agent and the closing attorney. Communicate any concerns or questions you have beforehand to ensure a smooth and successful closing.
Clear To Close
Clear to close is a crucial milestone in the home buying process that indicates the buyer is fully approved to close on the sale. However, it can take time to obtain, as lenders may be overwhelmed with transactions. It's not uncommon to receive clear to close just a day or two before the scheduled closing. Buyers should stay in communication with their lender and agent and remain patient during the process.
Review the closing disclosure to confirm that all the details are accurate.
Utility Transfer
To ensure a smooth transfer of services and prevent any service interruptions, it's recommended to schedule the utilities to be turned off the day after the closing. This timing allows the buyer to have access to the utilities for the final walkthrough. If you haven't already done so, please create a list of utility providers for your new home and send it to your agent, who will forward the information to the buyer's agent.
Walkthrough
The final walkthrough is a crucial step before closing on a property. It allows the buyer to inspect the property for any damages or changes that may have occurred since the initial inspection and to ensure that any repairs or agreed-upon work has been completed. Any issues or concerns that arise can be addressed with the help of the buyer's real estate agent before closing. Overall, the final walkthrough provides peace of mind to the buyer and ensures the property is in the expected condition. To ensure that the property is in the same condition as it was on the day the offer was presented, it's important to take care of certain tasks. These might include mowing the lawn, trimming shrubbery, sweeping the driveway, and cleaning/balancing the pool chemicals.
Closing Day
To ensure a smooth and successful closing, it's important to follow certain requirements and procedures. It's important to remember that all parties involved must attend the closing. Contact your closing attorney to confirm the type of identification that you need to bring with you to the closing. If you need to make a payment by check, please make sure to use a cashier's check payable to the title company. Discussing these requirements with your closing attorney in advance can help avoid any potential delays or issues on the day of closing.
FAQs
Is it necessary for me to attend the closing?
In short, yes. Ideally, it should have been established whether or not you will attend the closing by this point. However, if you are unable to attend, please contact the closing attorney immediately. Remote signing or appointing someone to act on your behalf may be alternatives. Although attending in person is recommended as it can facilitate a seamless process, enable you to address any concerns, and allow you to meet other parties involved.
Is the scheduled closing date definite? Can we rely on closing by the agreed-upon date in the contract?
It is crucial to note that the closing date is an estimated date and is not guaranteed. Various factors, such as underwriting delays, appraisal complications, and title issues, can impact the closing date. Both buyers and sellers should be prepared for the possibility of postponing the closing date if any complications arise during the transaction. Regular communication with your agent and lender is essential to ensure everyone is on the same page and working towards a successful closing.
When will we receive confirmation that we are closing on schedule?
Typically, lenders will not provide a "clear to close" until all loan conditions have been satisfied, such as appraisal, employment and income verification, and documentation review. This process may take some time, and lenders prioritize files based on their closing dates. Thus, you may not receive confirmation that you are closing on time until you receive the clear to close from the lender, which can happen as little as 24 to 72 hours before the closing date.
What occurs if we are unable to close on schedule?
In case of unforeseen circumstances, the purchase agreement can be amended to reflect the new closing date. However, all parties, including the buyer, seller, and their respective agents, must agree to the new date. It is vital to communicate any potential delays as soon as possible to minimize inconvenience to all involved parties.
BUYERS CHECKLIST FOR CLOSING
*** PLEASE BE ADVISED THAT I WILL NOT SHARE ANY SETTLEMENT AGENT WIRING INSTRUCTIONS VIA EMAIL. NO EMPLOYEE, OFFICER OR AFFILIATE OF ATLANTA COMMUNITIES WILL EVER INITIATE A TELEPHONE CALL TO YOU TO OFFER WIRING INSTRUCTIONS. COMMON WIRE FRAUD SCHEMES AND THEFT OF WIRED FUNDS INVOLVE USE OF SIMILAR EMAIL ADDRESSES AND HACKED ACCOUNTS. IF YOU RECEIVE AN EMAIL OF WIRING INSTRUCTIONS FROM "ME" OR ANY "ATLANTA COMMUNITIES" EMPLOYEE OR EMAIL ADDRESS, DO NOT INITIATE A FUNDS TRANSFER AND CONTACT ME PERSONALLY IMMEDIATELY FOR VERIFICATION. Neither I, nor Atlanta Communities, is responsible for any wires sent by you to an incorrect bank account. ALWAYS confirm the proper wire instructions by calling the Settlement Agent's office using a phone number you find from an independent source, such as the internet, NOT the phone number at the bottom of an email that contains any wire instructions. ***
Clear to close is a crucial milestone in the home buying process that indicates the buyer is fully approved to close on the sale. However, it can take time to obtain, as lenders may be overwhelmed with transactions. It's not uncommon to receive clear to close just a day or two before the scheduled closing. Buyers should stay in communication with their lender and agent and remain patient during the process.
Review the closing disclosure to confirm that all the details are accurate.
Utility Transfer
To ensure a smooth transfer of services and prevent any service interruptions, it's recommended to schedule the utilities to be turned off the day after the closing. This timing allows the buyer to have access to the utilities for the final walkthrough. If you haven't already done so, please create a list of utility providers for your new home and send it to your agent, who will forward the information to the buyer's agent.
Walkthrough
The final walkthrough is a crucial step before closing on a property. It allows the buyer to inspect the property for any damages or changes that may have occurred since the initial inspection and to ensure that any repairs or agreed-upon work has been completed. Any issues or concerns that arise can be addressed with the help of the buyer's real estate agent before closing. Overall, the final walkthrough provides peace of mind to the buyer and ensures the property is in the expected condition. To ensure that the property is in the same condition as it was on the day the offer was presented, it's important to take care of certain tasks. These might include mowing the lawn, trimming shrubbery, sweeping the driveway, and cleaning/balancing the pool chemicals.
Closing Day
To ensure a smooth and successful closing, it's important to follow certain requirements and procedures. It's important to remember that all parties involved must attend the closing. Contact your closing attorney to confirm the type of identification that you need to bring with you to the closing. If you need to make a payment by check, please make sure to use a cashier's check payable to the title company. Discussing these requirements with your closing attorney in advance can help avoid any potential delays or issues on the day of closing.
FAQs
Is it necessary for me to attend the closing?
In short, yes. Ideally, it should have been established whether or not you will attend the closing by this point. However, if you are unable to attend, please contact the closing attorney immediately. Remote signing or appointing someone to act on your behalf may be alternatives. Although attending in person is recommended as it can facilitate a seamless process, enable you to address any concerns, and allow you to meet other parties involved.
Is the scheduled closing date definite? Can we rely on closing by the agreed-upon date in the contract?
It is crucial to note that the closing date is an estimated date and is not guaranteed. Various factors, such as underwriting delays, appraisal complications, and title issues, can impact the closing date. Both buyers and sellers should be prepared for the possibility of postponing the closing date if any complications arise during the transaction. Regular communication with your agent and lender is essential to ensure everyone is on the same page and working towards a successful closing.
When will we receive confirmation that we are closing on schedule?
Typically, lenders will not provide a "clear to close" until all loan conditions have been satisfied, such as appraisal, employment and income verification, and documentation review. This process may take some time, and lenders prioritize files based on their closing dates. Thus, you may not receive confirmation that you are closing on time until you receive the clear to close from the lender, which can happen as little as 24 to 72 hours before the closing date.
What occurs if we are unable to close on schedule?
In case of unforeseen circumstances, the purchase agreement can be amended to reflect the new closing date. However, all parties, including the buyer, seller, and their respective agents, must agree to the new date. It is vital to communicate any potential delays as soon as possible to minimize inconvenience to all involved parties.
BUYERS CHECKLIST FOR CLOSING
- Government Issued Photo ID – Driver's license or Passport is acceptable. If neither available, get attorney approval
- If a Power of Attorney is executing closing documents on your behalf, the original must be brought to closing, as it must be recorded. The executed Power of Attorney form must be approved prior to closing by Attorney and Lender
- Closing conditions required by Lender, such as original tax returns, closing statement from sale of previous home, pay stubs or gift letters
- Pursuant to O.C.G.A Section 44-14-13, Georgia law requires all funds for closing over $5,000.00 MUST be in the form of a bank wire, NO EXCEPTIONS (including any gift funds or funds from any other source that may be used by the borrower including closing proceeds from another law firm); funds under $5,000.00 may be a cashier’s check or wire.
*** PLEASE BE ADVISED THAT I WILL NOT SHARE ANY SETTLEMENT AGENT WIRING INSTRUCTIONS VIA EMAIL. NO EMPLOYEE, OFFICER OR AFFILIATE OF ATLANTA COMMUNITIES WILL EVER INITIATE A TELEPHONE CALL TO YOU TO OFFER WIRING INSTRUCTIONS. COMMON WIRE FRAUD SCHEMES AND THEFT OF WIRED FUNDS INVOLVE USE OF SIMILAR EMAIL ADDRESSES AND HACKED ACCOUNTS. IF YOU RECEIVE AN EMAIL OF WIRING INSTRUCTIONS FROM "ME" OR ANY "ATLANTA COMMUNITIES" EMPLOYEE OR EMAIL ADDRESS, DO NOT INITIATE A FUNDS TRANSFER AND CONTACT ME PERSONALLY IMMEDIATELY FOR VERIFICATION. Neither I, nor Atlanta Communities, is responsible for any wires sent by you to an incorrect bank account. ALWAYS confirm the proper wire instructions by calling the Settlement Agent's office using a phone number you find from an independent source, such as the internet, NOT the phone number at the bottom of an email that contains any wire instructions. ***
