Once all the contingencies in the contract are met the last part of the buying and selling process is preparing to close. If the buyer is financing their purchase, they will receive a commitment letter from their lender outlining any final conditions to get the "clear to close."
A lot is going on behind the scenes. The buyer's attorney will order the title search to make sure the chain of ownership is clear. They will be preparing the settlement statement with the buyer and sellers expenses. They will order the payoff figure for the seller's mortgage, the final water reading, the (MLC) Municipal lien certificate showing the taxes and water and sewer bill is paid and adjust the taxes as of the day of closing. There are other fees and credits on the settlement statement that the attorneys will add and go over with their clients.
The seller will need to get the smoke alarms, and carbon monoxide detects inspected by the Fire Department and provide a certificate. If there is fuel: oil, propane, wood or pellets, most times, the seller will receive a credit for the remaining amount. That figure is usually added to the settlement statement as well.
Once the closing date and time are confirmed, the seller needs to contact the utility companies to shut off service and cancel their homeowner’s insurance. The buyer needs to contact them to put the utilities in their name for the day of closing. Right before closing, it is customary for the buyer to do a "walkthough" to make sure the house is empty and "broom clean" including the basement, attic, garage and grounds unless otherwise agreed upon.
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