Pensacola Real Estate Experts: Closing Day, What To Expect

Inspections and Seller Credits

By Dawn M. Smith

 7) Most buyers require a home inspection before closing on a home. If an inspection report comes back with issues, the buyer and seller must negotiate terms to correct the problems. Several solutions exist. The owners could reduce the sale price or make the improvements or corrections themselves. Home sellers must come through with the negotiated plans to complete the closing process. 

Learn more: Why You Need a Home Inspection.

8) During the home inspection negotiations, the buyers have the right to ask for specific certifications to ensure the health of the house. This includes the condition of the roof, termites, and/or sewer inspection. Certificates of proof are due at closing.  

9) As the seller, you’re likely mandated by your state to submit a property disclosure report. This report identifies defects in the home that could alter the house's value or challenge the safety requirements. Because each state writes its own procedures, the regulations are somewhat different, but the reports are almost always due before closing.  

Closing Day

10) Military home selling from a distance couldn’t be easier today; the process has been streamlined over the years. Implementing e-signatures has cut down on the importance of your physical presence in the office. However, a long-distance closing does require a real estate agent who has multiple rounds of experience. They’ll guide the process, coordinate time zones if needed, direct any mailed documents to the correct recipients, and assist with wire transfers.  

11) On closing day, if you choose to be there, you’ll need several documents on hand to keep the process running smoothly. If you elect to pay for the closing costs outright, present a cashier’s check at the meeting. Also needed: a picture ID, a copy of the ratified sales contract, and all keys to the house, including doors, locked gates, and garage door openers. In many cases, the keys change hands at closing, but the swap could also happen later. 

12) If you’ve decided to offer your buyer credit toward closing costs (also known as a seller assist or seller concession), you’ll see those negotiated numbers in the sales contract at closing. 

13) Closing escrow means that the deal went well, and you should be on the receiving end of any profits left after closing fees and mortgage payouts. The hired escrow agent closes the account and handles the deed transfer to the new owner or lender. 

1 - 6 of the closing expectations in case you missed it 

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