The Closing Process For Buyers and Sellers

When you embark on a real estate journey to buy or sell a home you go through a series of events such as marketing, home searches, offers, negotiations, disclosure periods, and contingency releases. At the end of those events, you come to the point where it is time to close escrow...essential close out the transaction. But what exactly does the closing process entail? If you are buying a home this will mean that it is time for you to take ownership of your new home and if you are a seller then this means that the bank (or buyer) will be sending you a check for your home and you will be packing up and moving out. This is always a busy time for buyer and seller but knowing exactly what is going on will help you to make the transition smoothly in a stress-free way.

The Closing Process For Buyers

buyer getting keys to their new home

As a buyer you will need to begin by switching the utilities to your name before you close escrow. This will keep you from having to pay any of the fees that the utility companies charge for turning them off and back on. Also, you are going to want to thoroughly review your estimated settlement statements provided by your title company with your agent to make sure that everything has been documented correctly for the financing of the home.  Next, you will need to sign closing docs with the title company and do a final walk-through on the property to make sure that nothing extreme has happened ( like the house burning down). Finally, your agent will get to give you the keys to your new home and you will be all set to move in!


The Closing Process For Sellers

As a seller you are getting ready to move on with the next chapter in your life so the closing process is just a step for you on your way to something much bigger. You are going to need to review your Estimated Settlement Statements provided by your title company to make sure that everything is in place before you close. Then you will need to pack up your belongings. Using our Moving Out Cleaning Checklist may help you with that. The best part of our job here at Millar and Company is letting you know that your home sold for a great price and wishing you well as you begin the next chapter in your real estate life!