Timeline of the Selling Process
Timeline of the Selling Process
Once your Purchase and Sale Agreement is signed, things may go “quiet” for a period of time.
Here are some steps we take between now and your closing:
1. An appraisal will be conducted by the Buyer’s lender, if applicable, between P&S and closing to ensure the home is valued by their lender at the sales price. Your agent will inform you of the scheduling of this.
2. Also, the Buyer’s lender, if applicable, may send a surveyor out to your home. They will not need to enter the home but they may need to walk on your property. You may not receive notice of this.
3. There will be forms that need to be filled in and returned. (Forms include: Mortgage Payoff Authorization Form. If have a 2nd mortgage or equity line please fill in the second Payoff Authorization Form. If not applicable, please disregard second form. Another form attached (Seller Wire Request Form) is a form to have your proceeds wired following closing, which is your easiest means of getting your proceeds. If you do not choose this option you will have to make arrangements to pick up your proceeds check after the closing. The next form is the Seller Certifications which is required for the IRS regarding the sale of the property. The final form attached is the Homestead Affidavit. This form allows our office to appropriately draft the deed.
4. Lastly please advise if you plan to attend the closing on your own and we can be available to you by phone during the closing or if you want our office to attend on your behalf with Power of Attorney, which most of our clients prefer as generally the day of the closing can be busy and this takes 1 thing off of your plate, please advise which option you would like, if you want to do the Power of Attorney I need you to sign some items in advance with a notary public.
5. The day before the closing or the morning of, the Buyer will have the opportunity to conduct a “walk-through” of the home. This is their chance to make sure the home is in the same condition as promised in the P&S and that it is clean, the appliances still work, etc etc. Your agent will arrange this with you.
6. Generally the day prior to closing the Seller Consumer Disclosure (settlement statement), which is the financial breakdown of the transaction. At this point, you will have the final amount you will be receiving at the closing.
7. Depending on the various parties involved (you, Buyer Agents, Attorneys) the closing location and time will be determined a few days prior to closing. Typically, the buyer and seller meet at the same time and place, but that is not required. We would be happy to facilitate a Power of Attorney for you in advance so you don’t have to attend.
8. Arrange for your move. Ask your realtor if you need a recommendation on a mover. And contact utility providers to terminate service, including heat, cable, electric, water, sewer, trash, oil, propane, etc. Also, submit change of address with the US Postal Service on-line: https://moversguide.usps.com/icoa/icoa-main-flow.do?execution=e1s1
9. Our office will assign a paralegal to guide you through the closing process. She will reach out to you over the next week, if she hasn’t already. She will then be contacting you a few days prior to closing with your final figures (your bottom line). It is vital that you acknowledge the Consumer Disclosure at least three business days prior to your closing. Please ask your loan officer about their procedure for this step.