Now that we are in escrow, here are answers to some frequently asked questions:
SHOULD I CONTINUE TO LET AGENTS SHOW THE HOUSE?
Until inspections have been completed and any contingencies removed, please allow agents to show the house. Never tell an agent that there is a contract on your home until we have crossed all the hurdles (e.g., home inspection, removal of right of refusal, etc.). If they continue to ask questions, refer the call to us.
WHEN DO YOU REMOVE THE LOCKBOX?
It is best to leave it on until closing to allow access for the home inspection, appraisal, termite inspection, and walk-thru, but if you prefer to have it removed, we will keep the key in our office.
WHAT DO I NEED TO KNOW ABOUT INSPECTIONS, APPRAISALS, AND TITLE SEARCH?
A home inspection, if required, will be scheduled. Most inspections are quite lengthy, lasting from 1.5 to 3 hours, depending on the size of your home. You will be advised as to the time and date. The purchasers, more often than not, DO attend the inspection. You are also welcome to stay, but please do not follow them. Upon receipt of the home inspection report, the Closing Department will review the buyer’s requests and you will be notified of any necessary repairs. We will be happy to provide you with names of repairmen that we have found to be reliable and responsible. But, we cannot assume the liability of hiring people to work on your home. Please arrange for repairs to be completed as soon as possible to allow for repair people’s schedules and weather delays. Also, please provide (via fax or mail) with copies of receipts for repairs. Some contracts require appropriately licensed people to complete repairs. Compliance with the contract is essential. Let us know any bills that need to be paid at closing. The buyer has an opportunity to make sure repairs have been completed when they do their walk-thru and they may bring the inspection back with them.
An appraisal will be scheduled (if necessary).
A termite inspection and survey are typically ordered within the last 2 to 3 weeks prior to closing. You will be advised when the termite inspection will be done. You will be notified of any necessary repairs or treatment. If any encroachments show up on the survey, you will need to talk to the closing company or the necessary company(s) in order to resolve any encroachment issues.
The closing company will complete a title search. If there are any title issues that will hold up the closing, you will need to talk to the closing company and any other parties required to resolve these title issues.
WHEN DO I TURN OFF UTILITIES?
If you plan to move out prior to closing, the meters should be read the day of closing. Do not turn the utilities off prior to closing as the purchaser has the right to a final walk-thru up through the day of closing.
WHAT HAPPENS AT THE WALK-THRU?
The purchasers are entitled to a final inspection of your property. This is typically conducted 24-48 hours prior to closing in order to assure that the property is in the same condition as of the day the contract was signed and that agreed upon repairs have been completed. The inspector may return to verify appropriate completion of repairs. We will notify you of the time when this is scheduled. The buyers, or their representatives, and their agent will be present for the walk-thru. If any issues are found, the Closing Department will be notified and pass this information on to you as soon as possible.
WHEN DOES THE BUYER TAKE POSSESSION?
Possession of the property by the buyer takes place at the time of closing. Moving is to be completed prior to closing unless other arrangements have been agreed upon in writing. If you are also closing on a purchase on the same day, belongings should be on the moving truck by closing time awaiting completion of signing on your purchase to be able to move into your new home.
DO I MAKE MY NEXT MORTGAGE PAYMENT?
It will depend on your closing date. As long as the payoff will be received before a late penalty will be incurred, this payment may be skipped. Should you have any questions regarding this issue, please do not hesitate to contact the Closing Department.
WHAT DO I BRING TO THE CLOSING AND WHO ATTENDS?
Bring the following to closing:
- Drivers license for identification.
- All parties listed on the deed must attend the closing, unless prior arrangements were made for a mailaway. If this is a homestead property, both parties must attend, even if it is only in one spouse’s name.
HOME WARRANTY: If you have agreed to provide the buyer with a home warranty in the contract, the Closing Department will make all the necessary arrangements.
HOMEOWNERS’S INSURANCE: Cancel your existing homeowners insurance AFTER the closing with instructions for your refund check to be mailed to your new address. Please wait until after closing in case of a delay. If you have an escrow account, most mortgage companies forward the balance to you within 30 days after they receive the payoff.
BUYER’S FINANCING: The Closing Department will keep you informed as to the progress of the buyer’s financing.
CLOSING STATEMENT: The Closing Department will review the closing statement and contact you with any changes in figures.
We look forward to working with you during this stressful time, and ensuring that your home sale moves forward as smoothly as possible. If you have any questions or concerns, please do not hesitate to contact us.