Tips for a Timely Closing when Selling your Home
BY MICHELLE GIBSON, REALTOR®
Congratulations your home is under contract and you’re on the road to closing, now what? In order to close on time with no hiccups you’ll want to make sure you’re prepared in advance. Don’t wait until the week of closing to hire a moving company or let your closing company know you won’t be in town the day of closing. Below we have put together 8 tips for a timely closing when selling your home.
Mortgages and Lines of Equity Do you have a mortgage and/or line of equity on your home? If so you will have to provide the contact information and account number for each account to your closing company so they can pay off all accounts in full at closing. This is something that should be done as soon as you go under contract.
Maintenance Contracts Do you have any maintenance contracts on your home? If so you’ll want to find out what happens when you close. Can the maintenance contract be transferred to the buyer? Can you get a refund for any unused portion?
Permits Did you make any changes during your ownership that required a permit? If so make sure you have the closed permits readily available. If you are not the original owner, did the previous owner make any changes that required a permit, if so was a permit opened and closed? While most closing companies will do a permit search it’s always best to make sure permits are closed ahead of time to avoid any possible delays.
Scheduling Movers If you’re still residing in the property and need to move out do you have a moving plan in place? If not you’ll want to put a plan together immediately and decide if you’re going to move yourself or hire professional movers. Regardless of the route you choose don’t wait until the last minute to decide.
Marital Status What’s your marital status? Will your spouse, ex-spouse or partner have to sign closing documents? Make sure all parties are aware of your marital status so there are no surprises and you have time to gather any necessary paperwork.
Required Signatures Who needs to sign closing documents? Even if your spouse isn’t on the deed they may still have to sign closing documents.
Sale Proceeds Where is your money going? Once you close you’ll have to decide how your proceeds will be distributed. Do you want a check, so you can deposit it into your bank account or do you want the closing company to wire the funds into your bank account?
Closing Attendance Will you be attending closing? If so find out if you’ll have to bring any documentation or identification with you. If you are unable to attend closing will you be doing a mail away or giving someone power of attorney? This is a decision that should be made weeks prior to closing so the closing company can plan accordingly.
Final Thoughts Selling a home can become overwhelming, but if you hire a top Realtor in your area they will be able to guide you through the selling process. However, just because you hire a Realtor doesn’t mean you won’t have tasks to do throughout the process, so make sure to be proactive and on top of things at all times, don’t wait until the last minute.