Ultimate Seller Process™
Step 4: Contingencies Removed
Your contingencies have been removed, here’s what happens next!
Woohoo! When contingencies have been removed it means that all of the potential buyer “outs” have been removed. At this point, their earnest funds have most likely become non-refundable and we are moving forward to the closing table. This is a great time to start thinking more seriously about packing up personal items, scheduling utilities to be removed from your name, and verifying closing details. Let’s review specific details below.
Prepare for Closing and Title Work:
–Verify your closing date and signing preference – if you haven’t already. In-person at the title company can happen at any title branch that is closest to you that is a part of the same title company. Buyer and Seller do not need to utilize the same title location or closer. The Mail-out Option can be fed-exed to you and you can utilize a local or a remote notary. Please note that you must be eligible for a remote closing. A third and less common option is to utilize a Power of Attorney in which you legally allow another person to sign on your behalf. This can only be utilized if the appropriate forms of authorization have been completed.
-Prepare for closing – ensure you have two forms of identification for signing purposes. You can verify with title which forms are acceptable. If you will receive proceeds from the sale, then confirm your method of payout. Most sellers prefer a wire transfer, some prefer a check from the title company. If you choose a wire transfer, be sure to follow safety guidelines when verifying wiring information with the title company.
–Review Most Recent Closing Statement & Title Work – while there can be some minor last-minute changes, the closing table should not be the first time you are reviewing your paperwork. Verify that the information and numbers seem accurate. Be sure to take advantage of the video and PDF resources below as they may help clear some questions. If you still have questions, never hesitate to reach out to our team or the title company for further clarification.
Prepare Home for the Buyers:
–Final Walkthrough and Clean – be prepared to leave the home in good, clean condition. Ensure that all repairs that have been contractually promised have been completed, and any furnishings that should stay or be removed are handled accordingly. Essentially, leave the property as you would want to receive if you were the buyer stepping into their new home for the first time.
-Utilities, HOA, and Insurance – be sure to contact your utility companies such as gas, electric, internet, water, sewer, trash and so forth and notify them of the current close date. Anything that is covered through your owner’s assocation will transfer appropriately and the cost of such has already been handled in the prorations sections of your buyer and seller settlement statements. Also ensure you contact your insurance company and notify them of the sale and let them know the anticipated close date. Best practice is to schedule for the day following closing, and/or let them know you will send a final email the day of or the day after closing. Sometimes closings can be delayed and you want to ensure you keep utilities and insurance coverage active until the title company has confirmed you are closed and funded. (Funded means that if you recieve proceeds from the sale of your home that the funds have been received from the buyer and are considered good funds to transfer to you as the seller.)
-Final Details – Gather all extra key copies, garage remotes, manuals, house plans. Essentially anything on-hand that could be valuable to the buyer and group into one place. This can be the counter-top or a drawer. Just let us know where these are located so we can update the buyer’s realtor once closed. We will take our two copies of your keys (the one in our office and the one in the lock-box) and hand over to the buyer’s realtor to deliver to their client. Often new owners change the locks, but it’s a good rule of thumb to hand everything over- regardless.
We have also included other good resources below that may be helpful in your process of preparing to move.
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