Your job as the Seller as we approach the closing is typically the easiest of all the parties involved. You have the fewest documents to sign and you don't even have to attend the closing!

• Around 10 days prior to the closing, if I am your attorney I will reach out to you to start coordinating the process. This involves signing the closing documents that I have prepared, some of which must be notarized. If you have a notary convenient to you, I will email you the documents to print out and you can sign with your notary. I will then provide an overnight shipping label for the documents to arrive at the title company on or before the closing date. If you need a notary, we can schedule a time for you to meet one at my title company (typically www.citywidetitle.com).  Included in the closing documents will be a "wire out" form for you to complete with the information for where you would like the sale proceeds to go. You also have the option of picking up a check from the title company after the closing. While most Sellers prefer to take care of everything in advance, you would of course have the option of attending the closing itself.  I am available to review all of the closing documents to answer any questions you may have and to be sure you are comfortable with everything.
• Usually Buyer's lender will issue a "Clear to Close" a week or so prior to closing (the exact date could be earlier, it varies). Often Buyer's lender may need more time, so the Buyer's attorney will request an extension of the financing contingency. Do not be alarmed, these are routine. Seller's almost always grant the extension request, as the alternative usually means the deal will fall through. It is rare for the closing date to be extended, but I will be in communication with the Buyer's side to be mitigate the chance of any surprises. 
• If I am your agent, I will schedule the final walkthrough with the Buyers the day before or morning of the closing. Typically these are to confirm the condition of the unit is substantially the same as it was during the showings, or to confirm that any work to be done pursuant to negotiations was completed in a satisfactory manner. If anything does come up on the final walkthrough, your broker and attorney will work with you to negotiate and resolve the matter with the Buyer.
• You should also remember to schedule termination of your utility accounts as of the closing date. My title company goes above and beyond to provide the extra service of obtaining title clearance items such as mortgage payoff letters and Paid Assessment Letters if there is a Condo Association.  Therefore as my client you will not have to worry about these last minute items.
• One frustration many Sellers have is obtaining the final sales figures prior to closing. Because the master statement depends on the lender, the title company and the Seller's attorney, it may take right up until the day or so before closing before figures are available. As your attorney, I work to get my figures in to the title company as soon as possible, however there may still be delays outside of my control. Rest assured, on every deal I work diligently to do everything I can to get the figures in as soon as possible. You will receive the final figures as soon as I do. Often clients ask for the preliminary figures, however they change so often prior to closing (in part because they are dependant on so many parties and change as new figures come in) that I recommend waiting to review them until they are nearly finalized. If done too early, it may just end up causing confusion rather than clarification. 

That's it! This can be an emotional time, both nerve wracking and exciting. It is the culmination of all your hard work during the transaction and home sale process that lead up to it. Many are superstitious so avoid saying "congratulations" until the official closing is over, but I'm glad to say congratulations at getting this far along in the process! You are at the "home" stretch now, just a few more days to go!

Please feel free to ask any additional questions you may have in the comments below, or reach out to me directly at 773-991-1529, or Alex@AlexGrange.com.

Either your offer has been accepted, or you have found a Buyer. For either side, this can be an overwhelming and emotional time. Many people feel like everyone else involved, from agents to attorneys to lenders, do this all the time and forget what it is like to be the home buyer/seller who may not even know what questions to ask at this point. Whether I am your Agent or Attorney, I always want  you to feel like you can ask me anything. You aren't "wasting my time" or asking too basic a question, since it is my #1 job is to make sure you understand what is going on and what needs to happen next. This post should also help you through the fist steps towards closing.  

​The acceptance date (usually noted above the Seller's signature on the contract) starts the clock ticking. Almost all the deadlines until closing are calculated from this date.  Today marks the formal start of the "Attorney Review Period," often referred to "a/i" for attorney/inspection period. This is when the attorneys review the contract and draft their attorney review letters to address any additional items to negotiate, including any inspection matters, sometimes the tax proration amount, as well as other protections/adjustments to the standard language of the contract. It usually lasts five business days, but that is often extended for various reasons.

During this time, several things happen at once. If I am your agent, I will send the signed contract to your attorney. If I am your attorney, this is usually when I first get involved. I will take the reigns from your agent and begin my review of the contract.  Your next steps depend on if you are the Buyer or the Seller.  As the Seller, there's not much for you to do but wait for the Buyer's attorney to send his review letter. If you live in a Condo, you may want to get a head start on obtaining the HOA documents if you haven't already. Otherwise you can expect a couple days of quiet until the Buyer's letter is received.

If you are the Buyer, here are your next steps:

1. Send the signed contract to your lender and follow their next steps in the loan application process. 
2. Make sure your initial earnest money payment is deposited to either of the agent's offices, the Seller's attorney or at the title company (the contract should indicate which, but ask me if you are unclear). As your agent, I will assist with the earnest money deposit. There is likely a second earnest money payment due at the end of the attorney review period, so remember to pay that when the time comes. 
3. Schedule an inspection as soon as possible. I recommend www.inspectrum.com.  If they are not able to complete an inspection within the current attorney review period, be sure to let me know as an extension will be necessary.
4. Once you receive the inspection report (usually 24-48 hours after the inspection is complete), if I am your agent we'll compile a list together in consultation with your attorney of  any items that need to be addressed either as a repair or a credit to come out at closing. If I am your attorney, I will work with you and your agent to incorporate any inspection items into my review letter. 

At this point there will be a few days of negotiation on any inspection items as well as any other matters in the attorney review letter. This will also be the Buyer's opportunity to review the HOA documents on a Condo purchase, which will include the bylaws/rules and regulations, recent meeting minutes, building financials (if available)​, and a disclosure from the board about the unit and any planned projects or special assessments. These are all subject to the Buyer's approval. 

The deal is still somewhat tenuous during the a/i period, as there are many opportunities for the Buyer's attorney to disapprove of the contract and terminate the deal (with the refund of the Buyer's earnest money).  But once all matters have been resolved and the attorney review period is closed, the transaction becomes much more set in stone. This is when Buyers make the second earnest money deposit mentioned above. At this point the buyer's lender takes the reigns, as they work to meet the conditions required to obtain the loan. The Buyer will work with the lender to provide all relevant documentation.

The next big deadline is the financing contingency date, which is the date by which the lender must provide a "Clear to Close." If not yet able to do so, the Buyer's attorney must request an extension of the financing continency date. The Seller is under no obligation to grant the extension, but it is customary to do so, since in accepting a financed offer (as opposed to cash), the Seller tacitly agreed to work with the Buyer's lender to obtain the loan. If the Seller does not agree to extend, most often the Buyer will terminate the deal (with the return of they earnest money). If the Buyer decides to proceed, the earnest money will be at risk since the lender may not be able to provide the loan funds in time for closing. This is an exceedingly rare possibility. It is the Buyer's attorney's responsibility to protect the Buyer's earnest money by promptly requesting extensions as necessary.  Once the lender issues Clear to Close, the final stages of the transaction begin. See THIS POST for more information about this step in the process.

This overview should help guide you during these first steps. As I mentioned, you should always feel like you can ask me questions that you may have at any time during the transaction. Please feel free to do so in comments below, or reach out to me directly at 773-991-1529, or Alex@AlexGrange.com.

​I look forward to working with you towards a smooth closing!

The answer to this question depends on if you are the Buyer or the Seller. This post will address Buyers, check here for the Seller's perspective.

1. By now your loan should have received a "Clear to Close" from your lender, or it should very shortly. This means all the conditions of the loan have been met and your lender is ready to provide the loan funds for the closing. If you have not yet received a clear to close, the first thing you should do is call your lender to determine what more may be required of you. It is likely the loan is in underwriting at this point, which means you just have to wait a bit more while it is processed, and nothing more is required of you.
2. Schedule the final walkthrough. If I am your agent, I'll be reaching out to find the best time, usually the day before or the morning of closing, to make sure the property is in "broom clean" condition and substantially the same as it was during the inspection. If any repairs were negotiated, we'll make sure they are satisfactory. If I am your attorney, I will wait to hear from you/your agent to confirm this. If anything is found to be deficient, we will notify the other side and negotiate as necessary. ​​
   1. During the final walkthrough, keep in mind to check the major appliances, no new scuffs/scratches to the walls/floor, all kitchen and bath faucets/drains are in working order, cabinets and closets are clear of any of the Seller's belongings, and that any repair items were properly addressed.
3. Determine the amount of Cash Required to Close with your lender. This amount reflects the difference between your loan amount plus your earnest money (and any credits) minus closing costs and your down payment. It will vary depending on a variety of factors, including the overall purchase price, how much you have already paid in earnest money, and how much money you are putting down on the loan.
   1. As a note of caution, the final HUD/Closing Statement (which contains all the debits/credits of the transaction) may not arrive until the night before, or even the day of closing. This is due to the fact that the Statement relies on the title company, the lender and the Seller to submit figures, some of which relate to the other, so the final version takes time to compile. Your lender can give you an estimate of the Cash Required to close before the final Statement is issued.
   2. Many clients receive preliminary Statements and are concerned when they change before the final Statement is issued before closing. My advice: do not worry too much about preliminary statements. It is the final Closing Statement that matters, since that one contains all the information that earlier versions may have been waiting for.
   3. I also recommend sending more than the exact amount required, up to $5,000 or so, to account for any last minute changes to the figures on the closing day. I can't tell you how many times this saved my clients considerable hassle at the closing table. You will get back the extra funds as an overage check at the closing.
4. Wire Closing Funds to the Title Company.
   1. Call the Title Company to obtain the wire information. I can help with this either as your broker or your attorney.
   2. If the amount from step 3 is more than $50,000, you will need to wire the funds directly from your bank. This may sound difficult, but once you have the wire information from the Title company, you can call your bank and they will walk you through the process.
   3. Once the wire is complete, make sure to call the Title Company again to confirm that they received it.
   4. I recommend completing the wire a day or two before closing to ensure the funds arrive on time. Many times the longest part of a closing is waiting around for the funds to clear, so sending it early can help cut down on closing time.
5. Show up to the Closing. No need to arrive too early, but make sure to bring your Photo ID. If I am your Broker, unfortunately due to Covid it is unlikely I will be able to join you as I would prefer. If I am your Attorney, it is likely I will be joining you over the phone/Zoom. Either way, stay tuned for an upcoming post on what to expect at the closing itself!

That's it! This can be an emotional time, both nerve wracking and exciting. It is the culmination of all your hard work during the transaction and the home search that lead up to it. Many are superstitious so avoid saying "congratulations" until the official closing is over, but I'm glad to say congratulations at getting this far along in the process! You are at the "home" stretch now, just a few more days to go!

Please feel free to ask any additional questions you may have in the comments below, or reach out to me directly at 773-991-1529, or Alex@AlexGrange.com.

Home buying/selling is an emotional and often overwhelming process. I strive to help my clients through this exciting time in their lives by focusing on clear communication, thorough education and effective representation. My larger investor clients also know me to be a trusted advisor who can provide varied perspectives and services to all aspects of a real estate transaction.

During my many years in the real estate world, I often hear the same questions from clients at varying stages of a deal. This has allowed me to anticipate my clients' needs and makes me a more effective advisor. While I strive to be known for my responsiveness, and I am always available at 773-991-1529, Alex@AlexGrange.com, I hope for this blog to be an additional resource for those looking for more information on transacting in real estate.

Please reach out with specific questions, or check back here often for new informative articles.