ABOUT THE CLOSING
Congratulations! You now have a contract on your home and it is time to prepare for the closing. The following is an explanation of inspections, closing preparations and the actual closing.
HOME INSPECTION: More than likely the buyer will have a home inspection done. The inspection will usually take place within 10 to 15 business days of when the contract is signed. I will call you with the date and time of this inspection. The inspection usually lasts 2 to 3 hours. It is not necessary that you be there. The inspectors usually are accompanied by the buyer’s real estate agent and sometimes the buyer(s). The inspection will cover the entire premises (roof, electrical, HVAC, doors, windows, plumbing etc.). The buyer has 5 working days from the date of the inspection period to inform you of any repairs that they are requesting to be done. I will discuss each of these repairs (if any) with you to determine their validity. If any repairs need to be done by you (see repairs below) they will need to be completed by the closing date.
TERMITE INSPECTION: A termite inspection usually takes about 30 minutes. Again, it is not necessary that you be there. Lenders require that the inspection take place no sooner than 30 days before closing. I will call you with the date and time of this inspection.
APPRAISAL: The appraisal is ordered by the buyer’s lender. The appraisal could be done any time up to a few days before closing. The appraisal usually takes about 20 minutes. Again it is not necessary that you be there. We will call you with the date and time of the appraisal. Since the lender hires an independent person to do the appraisal, we do not have any control as to when the appraisal is done.
SURVEY: The survey will be done any time up to a few days before closing. Since the survey is done outside, no access to your home is required. The surveyor will place small flags at the lot lines. When you see these flags you will know that the survey has been completed.
REPAIRS: If you are required to make any repairs to your home there are several important points to remember.
1) All repairs need to be done by a licensed contractor. For example, if there is a problem with the air conditioning unit then a licensed HVAC contractor must be hired to do the repair. If there is a plumbing leak, then a licensed plumber must be hired etc.
2) Save all receipts for any work done. These receipts will need to be presented to the buyer as proof of completed repairs. Remember, unless otherwise notified, all repairs must be done by licensed contractors.
HOME MAINTENANCE: It is your responsibility as the seller to properly maintain the home until closing. This includes, lawn care, pool maintenance, appliances, HVAC etc.
FINAL WALK THROUGH: The day prior to closing or the morning of closing the buyer will usually do a final walk through. The purpose of this walk through is as follows:
To make sure that nothing has been damaged during your move out.
To inspect the repairs (if any) that you were required to make to the property.
To acquaint the buyer with the inter-workings of the home.
Present the buyer with repair receipts.
For the buyer to sign a final “walk through” inspection release.
It is strongly recommended that you be at this final walk through. By being present you can answer any buyer questions regarding the home. NOTE: DO NOT turn off utilities until after closing.
MOVE-OUT: Unless otherwise directed, you will need to make arrangements to move out of your home the day before closing. This will give the buyer the opportunity to do the final walk through (see page 1). After you move out, you will need to do a final “clean up” (the contract requires this). At a minimum you should: Vacuum/sweep all floors, Throw out all debris and trash, Sweep garage floor, Wipe down all counters, Clean out the refrigerator completely
NOTE: All personal items must be out of the house prior to closing.
In addition gather all household manuals (appliances, anything from the builder, garage door opener etc.) and put them in a box. Also leave all garage door openers. It will also be helpful to compile an “information list” for the new owner. The list should include: Security Code (if any), garbage pick-up days, lawn watering days, phone numbers for lawn & pool care etc.
UTILITIES: You will need to make arrangements to switch utilities out of your name. Call the electric, gas and water company and tell them you are closing on _____________date and to take the utilities out of your name as of that date. It will be the buyer’s responsibility to call the utility company and put them in their name. DO NOT TURN OFF THE UTILITIES UNTIL AFTER THE CLOSING DATE. Utilities must be on for the final walk through. Fill out a change of address form at the post office.
MORTGAGE PAYMENT: Always pay your mortgage payment when it is due. The final closing statement will reflect all payments made. This will prevent a late charge and delinquent payment in the event there is a problem with the closing.
CLOSING: Unless otherwise notified, the closing will take place at:
Brokers Title Of Tampa I, LLC
3644 Madaca Lane
Tampa, FL. 33618
Fax: 813- 962-6384 Contact: Virginia Brown
Someone from Brokers Title will be contacting you regarding your current mortgage information. It will be helpful to have your mortgage company name, address, phone numbers and account number available. A time will be set for the closing. If you have any special requests (closing time, pre-sign papers, closing on another home etc.) be sure to inform Brokers Title. You will need a valid picture ID for the closing (drivers License). Be sure to bring all of the keys to your home to closing.
We hope that this closing information guide is helpful. Our goal is to make the process as easy and stress free as possible. As always, if you have any questions please do not hesitate to call us.
John & Donna Bonneau,