What to Expect on Closing Day
What is Closing?
I will start at the beginning of the end as closing is the last stage in the buying and selling process. During the negotiation phase buyer’s and seller’s agree on a closing date in which the property will be transferred.
Generally, at this stage Buyer and Seller agree and a deposit is given to the seller in good faith. Then the waiting begins. Closing dates will typically (but not always) range anywhere from 30-90 days but as long as both parties agree, it can be shorter or longer.
Your agent and Lawyer should ensure that the timeline is fitting for obtaining financing and fulfilling any conditions associated with the agreement.
How to prepare for closing day
You have now come to an agreement and all you have to do is wait for closing day, right? Well, not quite. There is plenty of ground to cover between the agreement and closing day.
Make yourself a list of tasks to do, there will be plenty of things around the house to either pack up, clean or get rid of before the big day arrives. Your agent will remind you of the big things such as home inspections, financing deadlines, walk through’s.
As a buyer or seller you are going to have to pack, I highly recommend doing so over the entire closing period. Often times buyers and seller’s will do this last minute and this will cause you stress and headaches throughout. Moving seems like a daunting task but if you prepare yourself and work at it gradually it will ease the stress throughout the entire process.
What About the actual closing day?
Signatures, signatures and….more signatures. Assuming everything goes as planned and there are no set backs, be ready to sign on the dotted line, a lot.
Don’t stress though, these are the final signatures in the process and are the final step before getting the keys to your brand, new, car!!!…or in this case house.
Your Lawyer will once again check to ensure that the title of the property is free and clear of any liens and encumbrances prior to closing the deal to ensure you are stepping in or out of home ownership free an clear of any financial burden of the other party.
Once everything has been sorted out between the lawyers they will call you or your agent to inform you that the deal has closed and you are now the proud owner of your new house. You’re probably thinking, are we done yet?
Almost, but not quite. You are now free to go to your new house and begin to turn it into a home. This is where you recruit your friends and family to help move all of your belongings into your new home.
Now it’s time to grab a bottle of wine, sit down and enjoy the fruits of your labor. Welcome to the next chapter!