Seller Side Closing

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.