How To Prepare For A ClosingDownload Our Free Real Estate Guide
Are you in the process of purchasing or selling a property and have questions about how to prepare for a closing? Watch this educational video by Buffalo Real Estate Attorney Richard H. Cole for guidance. If you have questions about any other real estate matters, please contact us to schedule a consultation. Let our experience work for you.
- Once the property’s title has been examined and the bank has cleared the loan to close, the seller and buyer have certain responsibilities. The closing will be scheduled with the bank, the sellers, and the buyers, signaling the seller to make arrangements to fully vacate the house, leaving it in broom-clean condition, advise the utility companies of the transfer date and let them know others will take ownership of the house on that date.
- The seller should also meet with their attorney and sign the transfer documents required to complete the transaction, but need not – and usually will not – attend the closing.
- The buyer will call the utility companies and arrange for the transfer of utilities into their name and reach out to their realtor to schedule a final walkthrough a day or two before the closing date. This gives the buyer an opportunity to inspect the house, assuring himself that no changes – such as flood damage or broken items – have taken place since they entered the contract. Along with the final walkthrough and utility transfers, buyers will contact their lender to learn how much money they should bring to the closing to supplement their mortgage. Those funds will usually need to be in the form of a certified check.
- Buyers will also obtain home owner’s insurance, naming themselves as an insured and the lender as an additional insured and, once these elements are complete, they will attend the closing.