The most important closing tasks for buyers and sellers

If you are buying or selling a home, closing day is the most important moment of the process. This is when the deal is finalized, and you begin the next chapter of your homeownership journey. However, preparing for closing day can feel overwhelming. There are so many closing tasks to complete, and it’s hard to know which items to prioritize. Here are some of the most important tasks for buyers and sellers to focus on in the lead up to closing day!

For buyers…

Do one final walkthrough

Most home buyers are given a set number of times they are permitted to visit their new property before closing day. While you may think you have seen all you need to see from your original tour, it’s important to take advantage of these visits. Try to time the last walkthrough of the home as close as possible to your closing day. This allows you to see the home in its most recent state, and gives you the chance to see what you will be walking into. It can be an unpleasant surprise if you don’t visit the property for months, then on moving day find out it has undergone significant changes or suffered damage. Check to ensure everything is working properly and as expected. Once the home is yours, any repairs or replacement will fall on you to cover. 

Meet with your lawyer

It’s important to meet with your lawyer a few days before closing, both for the sake of efficiency and peace of mind. This final meeting is your chance to address any lingering questions about the process or seek clarification on any confusing points. Real estate transactions can be confusing, so staying in touch with your lawyer is the best way to keep yourself in the loop. Plus, the more you can get done with your lawyer ahead of time, the smoother closing day will be. You can submit your bank draft and statement of adjustments here so you don’t have to do so on closing day, which speeds up the process. Closing tasks like these can feel a bit overwhelming, but they should generally provide you with some extra assurance!

Review your contract

Nobody wants to read the same contract over and over again. However, since this is one of the most important documents of your life, it’s important to review it with a fine-toothed comb! In the whirlwind of submitting your offer, getting approved for your mortgage, and finalizing moving plans, it can be easy to overlook little details. Take some time to make sure you understand all the details of your contract and that nothing looks out of place or incorrect. You do not want to run into any last minute problems on closing day! If you have any questions, bring them up with your real estate agent. 

For sellers…

Maintain your home

The period between selling your home and closing day can feel a bit odd, and it can feel like the house is no longer your responsibility while you wait for the new buyers to move in. However, it’s important to maintain your home and keep it in good shape! Of course, most sellers aren’t going to go out of their way to damage their property. On the other hand, they might not be as concerned if issues arise, such as a leak under the sink or a dent in the garage door. The risk here is that the buyer will do their final walkthrough of the home and notice these problems. If they bring up their concerns that the property has been damaged, you will have to work with them to find a solution in terms of paying for repairs. This is a headache you don’t want to deal with so close to the finish line. Do your best to keep your house in top shape, so the transition of ownership goes smoothly.

Review documentation with your lawyer

Just like buyers, sellers should also be sure to have a final meeting with their lawyer. This is a huge process for you as well, and it’s important that you understand everything. If you have any questions about closing day and your responsibilities, now is the time to bring them up. Your lawyer will walk you through the remaining steps and clarify any points you may be stuck on. Don’t worry if you feel a bit overwhelmed by the process. Your lawyer is here to ensure you feel confident and well-informed in the lead-up to closing day.

Be clear on your next steps

Finally, you need to make sure you are clear on what’s next for you! Selling a home takes a lot of time and mental energy, but you need to think about your future as well. For example, you might also be moving to a new home that you just purchased. Do you have a moving plan in place to ensure you are packed and ready to move before closing on your current property? In addition, are there any outstanding tasks you must complete before moving? Being a seller can be tricky, because in many cases you are also a buyer. This means you need to complete both sides of the transaction, which can be stressful and draining. Having a proper plan in place and maintaining contact with your mortgage professionals will help these processes run as smoothly as possible!

Closing tasks can feel endless and overwhelming, and that’s normal. It’s a big day for everyone involved, and with it comes a lot of work. However, the best way you can help yourself is to allow the professionals to help you! Your real estate agent, lawyer, and mortgage broker are essential resources. If you are looking ahead to the future and thinking of buying a home, reach out to us! Now is the perfect time to start planning your homeownership journey.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.