Closing Your Home

Walk Through

• We will make an appointment to "walk through" your home just before closing to check the repairs and observe the condition of the house.
• It is appropriate to request receipts from workmen showing that the work has been completed.
• Often, sellers have a drawer set aside with material for the buyers - warranties, keys, garage-door openers.
• When possible, I try to arrange an "orientation" meeting with the sellers before closing, so that they can give special instructions and show you how to operate the sprinkler, security, pool, etc.

Homeowners Insurance

• A couple of weeks prior to closing go ahead and set up your insurance coverage on the house.
• Normally, your insurance agent sends the policy to the title company. The first year premium is paid by the closer.
• If you are paying cash, you will need to make sure that your home is covered. See our list of insurance agents.

Utility Accounts

• A week or so before closing, call the utility services and set up your accounts. Your service should start on the closing date.
• You may use our Coldwell Banker's free concierge service to connect your utilities. This is very helpful if you are out of town. Just call 1-877-846-5500 to speak to our concierge.

Tax Prorations

• The seller's share of the current year's taxes will be credited to you at closing.
• If you have an escrow account, the seller's share of the taxes will be placed in your escrow account.
• Property values for the current year are not set until about June, and tax rates are not set until October. For this reason, the closer often must use the previous year's value and rate.
• At closing you and the seller will sign a form agreeing to privately settle up if the actual tax figures vary from those used at closing.

Closing Statement

• A day or two before sitting down to sign documents, the closer will prepare a statement showing your charges and credits, and the "bottom line" - the total you need to bring to closing.
• On the closing statement you will receive credit for your earnest money and option fee.
• I will review the statement and forward you a copy. This will give you a chance to ask questions and understand the charges prior to attending closing.
• You may have your closing funds wired to the title company, or you may bring a cashier's check to closing. (Regular checks cannot be used for more than $1,000.)

Signing Documents

• Closing is usually held at a title agency or an attorney's office. The closing agent does not represent either party.
• The closer will compile the legal documents, order title insurance, payoff liens, prorate taxes, prepare a closing statement, pay the seller, and record documents.
• You may have your title, survey and closing documents reviewed by a private attorney prior to closing.
• The buyer and seller do not have to attend closing together, although many do.
• It is also not uncommon for buyers to receive documents by email or overnight express, and sign before a notary in another state.
• One spouse may get "power of attorney" to sign for the other. The goal is to make the process as convenient for the parties as possible.
• After documents are signed, the closer must fax them to your lender for review. Funding of the loan may take place several hours later.