Closing on a Home for Sellers

closing

Preparing for Your Closing – Checklist

You are getting ready to close on your house, but you realize that you may not be ready. Use this handy checklist to get all of your items ready for closing.

✓ Loan Payoff Information

If you have not already provided this information to your agent, our office will contact you regarding loan information. We will need the loan company, account number and the last 4 digits of your social security number(s).

✓ Prepare for the Home Inspection

The inspection is important for a number of reasons. The buyer will actually spend more time in the home during the inspection than they did during the actual showings. Please have your home in great condition for the inspection. Poorly staged or messy homes can quickly create buyer’s remorse.

✓ Inspection Items

In general, repair requests generated from the inspection will need to be done by a licensed contractor. We will assist in arranging contractors to repair the items.

✓ Receipts

Provide copies of all receipts at least 48 hours prior to the walkthrough to your agent.

✓ Prepare for the Appraisal

Your agent will arrange to meet the Appraiser at your home. Please leave the house in showing condition for the appraiser.

✓ Cancel Homeowner’s Insurance Policy

Please cancel effective the day after closing.

✓ Disconnect Utilities

Contact utility companies and arrange for transfer of service. Most companies will ask for the buyer’s name.

✓ Organize manuals

instructions, warranties etc. for the purchaser.

✓ Funds Notification

Let your agent know how you would like your funds.

✓ School records

Arrange to have the school records transferred to your child’s new school district and/or daycare.

✓ Veterinarian records

Arrange to transfer records to your new vet.

✓ Change Address

File a change of address. This can be done online at www.moversguide.usps.com

✓ Double Check House

Decide if you will keep your plants or give them away. Remember that plants cannot be loaded with your household goods.

✓ Remove Hazardous Wastes

Dispose of flammable, corrosive and poisons.

✓ Walk Through

Final Walk Through with Listing Agent.

✓ Confirm Closing

Check with your agent for date, time and location of closing.

✓ Photo ID

Bring valid Photo Id-Driver’s license or Passport is preferred.

✓ Keys and Garage Door Openers

Bring all keys, the garage door openers to closing.

Please do not leave items in the house you do not want or you do not know what to do with.

Notary Guidelines

International Notary Guidelines

Notary Guidelines

I’m certainly not going to pretend to be an expert on all things regarding legal notary services around the globe. It only came to my attention a few years ago that it might not be as easy to process real estate paperwork everywhere as it is here! 

In the United States of America, many legal documents need to be notarized. For most of us, in our industry, that means every title closer you know can do this for you, and they perform all of our closings. Most title closers are a public notary and provide notary services. If you live in another state and are closing on a property here, sometimes that means walking into your local bank or just finding a local notary service in your area to certify your signature on your legal documents.

Notary Services Abroad

Well, such is not the case around the globe. I had a client moving from a civilian job with the USA working in Saudia Arabia. As they began the search, they of course came here to look at homes. With electronic software, the contract, inspection, amendments, etc. were fairly easy to execute halfway around the world. But when it came to closing time, we discovered they had to have docs sent to them, then notarized and returned. Easy-peasy, right? Nope! First of all, the title companies here require an American notary. So they had to find one… at the US Embassy… and pay $50/page to have it notarized. The title company was so helpful and kept to a minimum the actual documents that needed notary. It was complicated, but accomplished.

Second example, I took a recent continuing education class in which the instructor shared an example of a client that lived in Australia and was selling a property in Colorado. Well, in Australia, to get something notarized you have to go before a judge. Wow, that’s complicated!! So the Colorado seller, living in Australia came to the US at some point during their transaction (not Colorado) to visit family. The title company sent documents to them while in the USA, so they could find a US notary and remove some complications! 

I have a client now, living in Prague, getting ready to sell their property here in Colorado Springs. I asked her to get started in the process of what it takes to notarize documents there, so we would be ready when the time comes. Their home here will of course sell in probably less than a week and close in under 2 months. If they are stateside at any time in the next 3 months, we’ll certainly try to get any possible documents to them, especially if we are already under contract.

The internet and social media has shrunk the world in many ways. Legal services such as notarizing documents might be easy here, but much more complicated in other countries. Sometimes we need to be reminded how easy we have it… what a great country this is!!! 

Show Me the Money

Show Me the Money!

Show Me the Money

When purchasing a home, personal checks are not accepted at the closing table.  “Good Funds” as our contracts call money due at closing, will need to be either a cashier’s check or wire transfer. A cashier’s check is simple to obtain. Usually you can purchase one at your bank. These work well when you have a down payment to bring.

 

BUT be aware! There are limitations as to how large a cashier’s check can be.  Example, if you are a cash buyer and need to bring a sizeable amount to closing, the title company will probably require you not bring the whole amount in the form of a cashier’s check. I recently had a closing where this very thing happened. The title Company conducting closing would not allow the buyer to bring a large cashier’s check for his purchase. He had to wire money in advance or we couldn’t close.

 

Wire transfers are pretty simple.  You go to your bank and give them the title company’s wiring instructions. Your bank will then send the wire for you. But, wire transfers do take some time to show up.  All wire transfers have to go through the Federal Reserve Bank which is located on the East coast.  So wires can take a few hours to route correctly.  And if you send a wire in the later part of the day, keep in mind that it may not show up until the following business day.  East Coast hours do apply and the cut-off time is 3pm East Coast time.

 

On the other hand, earnest money deposits (up-front monies) can usually be in the form of a personal check.   Money stuff is always complicated.  One of the many reasons you hire a Realtor, so you don’t have to figure all this stuff out for yourself! If you want to learn more, check out our finance videos for Buyers or simply give me a call!

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