Congratulations! Your home is under contract! And the buyers will be using a Loan to purchase your home. The closing process will have some steps you'll need to accomplish for the sale to move smoothly.
- The buyers will hire a home inspector: The home inspector will notify your Realtor to coordinate with you the inspection date and availability. Many purchase agreements allow for an inspection period. In most cases the inspection of the home must take place in 7-10 calendar days. The inspector will need all the utilities accessible and available for inspection. Common issues that arise for the inspector is blocked electrical panels or inaccessible attic access. After the inspection is complete and satisfied, your Realtor should obtain a release of inspection contingency from the buyer - ensuring no future issues are brought up by the buyer after closing.
- Contact movers: Most purchase agreements are written with an inspection period clause – allowing buyers to inspect your home and to determine if moving forward with the purchase. Once a buyer is satisfied with the inspection results, scheduling movers should be a priority. During peak moving seasons, movers are often are not available to move your belonging for at least 2-3 weeks.
- Coordinate the closing of utilities accounts in your name on the day of possession. Usually a week prior to closing is a good time to contact the providers. The buyers will also contact the providers and transfer the account(s) in their name as well. It's very important to close those accounts at the time of possession - making sure you are not responsible for any usage by the buyers.
- At closing, you will need to have 2-forms of identification available as well as extra keys and garage door openers - those items will be exchanged at closing with the buyers. Depending on the terms and conditions of the purchase agreement, you may need other items – verify all closing requirements with your Realtor and/or Title Company.
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