Step 5 of 5
The final stretch. Inspections, the appraisal and the closing itself all move on a schedule, and knowing what happens at each point removes most of the stress.
Most buyers will have the property inspected by a licensed property inspector within the timeframe agreed upon in the sales contract. After that initial inspection, the buyer may wish to obtain further opinions from licensed contractors who specialize in a particular field such as roof, HVAC, pest, mold or structure.
If the agreement is conditional upon financing, the property will be appraised by a licensed appraiser selected by the bank so the lending institution can confirm the value of its investment. A buyer of commercial property may also have a full environmental audit or soil test performed if the lender requires it.
If you have furniture or belongings you do not plan to take with you, ask me for my list of places that will buy, consign or pick up for donation. I keep all of those contacts in one document and I am glad to share it.
Either a title company or an attorney will be selected as the closing agent. If the property you are selling is in Palm Beach County, the choice and the expense of the closing agent belong to you, the seller.
Your closing agent examines and insures clear title for the new owner, confirms there are no open liens or permits on the property, prepares all closing documents including the final payoff for any current mortgages, prorates taxes and HOA fees where applicable, and balances the closing statement with the lender if the buyer is financing.
I will provide a list of numbers for terminating home services and utilities. I usually recommend suspending them at midnight on the day of closing, or the day after. Remember that utilities must remain on for the final walkthrough so the buyer can confirm every system in the home is still functioning properly.
More a formality than anything else, the buyer completes a final walkthrough, typically the day before or the day of closing, to verify that everything remains in working order and consistent with its condition at the time of inspection.
The property must be completely empty apart from any items that were negotiated, and broom swept according to the contract. Many sellers choose to arrange a final cleaning for the new owner. It is not mandatory, but it is always greatly appreciated.
Let’s talk through your goals and your timing. No pressure, just straight answers.