Close of Escrow

Closing Day

If you have come this far, this means that it is almost time for congratulations, but not yet. Do not forget to tie up these loose ends:

Final Walk-Through Inspection

The final inspection usually takes place a day before or the day of your closing. The buyer visits the property to verify that all is in working order, everything is the same as when the purchase offer was made, excluding ordinary wear and tear, and there are no extra items left behind. If the buyer is taking possession at closing, the purchase agreement will usually require all of your belongings to be out of the house, and the property “broom cleaned.”

If the condition of your property changed during the escrow period, due to something other than normal wear and tear, it’s generally your responsibility as the seller to address it. As your real estate broker, Vanderhoef Properties can consult with you about how to address it, and can communicate with the buyer’s agent, as well. If you wait until the final walk-through or closing, the deal may fall through. It’s far better to address it with the buyer before then.

Cancel Home Services and Utilities

We can provide a list of useful numbers for the termination of home services and utilities, so that you can confirm that the buyer properly moved all the utilities into his or her name before the closing.

Closing

The closing agent will furnish all parties involved with a settlement statement, which summarizes and details all of the financial transactions involved. You and the buyer(s) will sign the settlement statement. The closing agent will, as well, to certify its accuracy. The title company will distribute the funds from closing as called for in the settlement statement. For example, out of the proceeds received at closing, the title company will pay off any remaining balance on your mortgage, as well as the real estate commission.

If you are unable to attend the scheduled closing, then arrangements can be made depending on the circumstances and the notice that we receive. If you are receiving funds from the transaction, you can generally elect to either have the funds wired electronically to an account at your financial institution, or have a check issued to you at the closing. You should arrange to provide the buyer with all property keys and any other important information at the closing.

We’ll Be There for You

Should any unforeseen issue occur, right up to or even shortly after the closing, we will be there to assist you. If something at the property breaks down or the buyers’ loan does not pull through on time – no need to worry! With our years of experience, we’ll be able to help you efficiently and with as little stress as possible deal with virtually any problem you encounter associated with your closing!

Ready to sell your home? Get in touch with Vanderhoef Properties, at (248) 953-3305 or e-mail us at sales(at)vanderhoefproperties(dotted)com. We’ll show you why our clients consider us among the most trusted real estate agents in Birmingham, Oakland County, and the surrounding area.