FOR GLERY ROSS CLIENTS
SELLER'S CLOSING GUIDE
The following describes the procedures once your home is under contract.
Congratulations on the sale of your home, and the following is intended to guide you through to closing of your home.
To accomplish a successful closing, it requires team effort from all parties involved. The following are the various party to your transaction:
Roy, Jon and the Glery Ross Team:
The Title Company
The Inspection Company
The Insurance Company
The Surveying Company
The Listing Broker
And the list continues…
We coordinate with those involved to move it forward towards a smooth closing. Cooperation and clear communication from all parties are essential to a successful closing. We will follow up with all parties and periodically communicate the results to you. Should unforeseen issues arise, we will first solve them before contacting you. If we need your input, we will then contact you and discuss options that will satisfactorily solve the issue. You are welcome to contact us if you have any questions during the process.
Inspecting your Home
Inspections are performed per the contract deadlines. The buyers select the professional inspector and they will contact us for the appointment. Most inspections last from 2 to 3 hours, some longer depending on the size of your home. We highly recommend you not be at the inspection to avoid any interaction between you, the inspector and the buyers. If you are aware of any issues or past issues on your home, please use the Seller’s Property Disclosure to disclose any history to the home’s that they buyer needs to be aware of. The Inspection(s) can be the normal visual inspection, sewer line inspection, radon, stucco is applicable or any other inspection that purchasers wish to perform on your home. Of course, we ask they respect your time and to schedule the inspections at reasonable hours.
After the inspection is completed, we typically receive notice within 24-48 hours after the inspection of any concerns purchasers discovered. The purchasers use the “Inspection Objection” document to detail their concerns and recommended resolution to correct the defects.
Once we review the Inspection Objection with you, the sellers responds is via the “Inspection Resolution” document. You may respond by agreeing to their request in its entirety, or either repair some of the items, all, or none. Once the purchasers receive your Inspection Resolution document, they have stated dates per contract to sign the Inspection Resolution. If the purchasers do not respond to your Inspection Resolution, the contract is then void at midnight of the Inspection Resolution deadline.
Home owner’s warranties are available for purchase that covers the major components of a home should that you can offer during the listing. These warranties typically last for one year or more and may be negotiated in the offer or paid by you at closing.
The appraisal will be ordered through the purchaser’s Lender. The Lender will contact the us for the appraisal appointment and we will contact you to schedule. Once the appraisal is completed, it usually takes 5-7 days to receive the final answer from the Lender on value. It is the Lender’s appraisal and they can discuss the appraised value with the purchaser only and notify the lender if there are any conditions or if value was inconsistent the purchase price. The appraisal normally verifies the purchase price and most the time the value matches the purchase price.
Surveying the Property
The surveyor will visit your home and do their survey. They normally will call us for the appointment and we will contact you. Their job is to locate the “improvements (property) on the Land” or on your lot, and the distances to the property lot lines. This is not an official survey. A “survey” is called an “Improvement Location Certificate” or ILC. If the purchasers call for a pin survey, or survey plat, they will be more involved.
What is a Title Commitment Policy?
Land Title’s complete explanation on the Title Commitment and options: Title Commitment policy and options
The purchase contract states purchasers have the right to a walk through prior to closing. The agent notify prior to closing to set up the appointment. At the walk-through, the purchasers verify the items repaired, and the condition is equal to when they last saw your home. We will request receipts from you prior to closing and walk through and forward to their agent.
Should I contact my Hazardous Insurance Company?
Contact your insurance agent and please advise them you will be closing on your home. Do not cancel your insurance until all’s clear and has successfully closed.
When will I know how much my proceeds will be?
Once you the purchasers loan is approved, the Lender will forward the “loan figures” to the Title Company and then the Title Company then combines the “real estate” figures including your pay offs if applicable, HOA cost, tax assessments and prorated cost to derive at an accurate Closing Disclosure or CD. As soon as we receive your Settlement Statement, we will forward it to you and review the figures with you.
Where do we close and who will be at closing?
We normally close at our office or at the Title Company. The Title Company will perform the closing and will also close in behalf of all parties including for the purchaser’s Lender. We will be at the closing with you. The Listing agent may also attend the closing with the seller unless it’s a mail out.
What if I have a conflict with closing time - can we pre-sign or use a power of attorney?
Yes, you can do either one. If you pre-sign, you will normally sign at the Title Company. When all parties have signed, then the disbursement will take place and you will receive either a wire of cashier’s check at closing. If you need someone to close on your behalf via “Attorney in Fact”, or “Power of Attorney (POA)” then that person you select must sign all documents as you would and assume the responsibility for the closing. You should use the Title Company’s POA form, except if its provided by your attorney. Please verify with your lender of your intentions to close via a POA.
What else do we need to bring to closing?
Bring two proper photo ID such as a driver’s license to the closing
When should I provide keys to purchasers?
Typically, at closing you provide one key to the purchasers and leave the balance in a convenient area of the home including your garage door openers and HOA pool keys, mail box keys, etc. The contract states when possession of your home by the purchasers will take place. If the possession is delayed, then exchange phone numbers to contact the purchasers in case of any changes.
When do I switch utilities?
Please contact your gas and electric companies prior to closing and request a final reading prior to closing. The water and sewer final reading will be arranged by the Title Company, and they will escrow sufficient funds from your proceeds to pay the final bill.
· Click here for Xcel Energy for gas and electricity https://www.xcelenergy.com/start,_stop,_transfer
· Click here for change of address at the Post Office. https://moversguide.usps.com/icoa/home/icoa-main-flow.do?execution=e1s1&_flowId=icoa-main-flow&referral=MG82
Commentary by Roy and Jonathan Lopez:
As your Realtor, we orchestrate the closing and review any information prior to closing. Other parties will normally do the same and update us on any changes or modifications to the closing. Delays can occur at closing which are out of our control. We ask you to be patient if that occurs. The delays will be solved with the least amount of inconvenience to you. We have assisted over 1,700 families to successfully close on their homes, and successful experiences have taught us great lessons.
We hope this information is useful to you, and that you refer us to your friends or relatives should they need real estate assistance in selling or purchasing a home.
We hope this information is useful to you, and that you refer us to your friends or relatives should they need real estate assistance.