Congrats!!!
A couple days before the closing you will need to contact the listing agent and set up the final walk-through.
Typically, the best time to do this is right before the closing. So if the closing is at 10am, set it up for 9:30am and then drive over to the title company.
At the final walk-through you make sure the seller has cleaned out the property and everything looks good. Flush some toilets, open and close a few windows, etc. Here are some examples of situations I’ve run into:
- The seller took the refrigerator and replaced it with a low quality one. At the closing table, the seller had to give the buyer a credit of $5000.
- The seller left the property SUPER dirty and had to credit the buyer $250 to clean it up.
- The seller took an expensive light fixture. The closing was delayed until the next day after the seller reinstalled the fixture and my clients had a second walk though.
CAUTION
I once told a client that I would do the final walk-through for them as they were out of town. I thought everything looked great. Two days later my clients moved in and there was a huge stain on the carpet. They blamed me and I ended up having to buy them a new carpet for $900!
The moral of the story is don’t do a final walk-through without your client present and make sure to have a keen eye for anything that looks odd. This is the last opportunity to negotiate at the closing table.
At the closing table at the title company:
There is nothing to do. The buyer will meet with the attorney, sign stacks of paperwork, and joke around about how crazy some of the stuff is.
Once the paperwork is signed, it will be handed to the closer at the title company who will fax it off to the bank. Then you sit around with your client and the attorney and tell funny stories till the bank on the other end funds the deal.
This can take thirty minutes or it can take six hours. It just depends on which bank you work with.
Once it funds, the closer will ask who Kale Realty is. You will then get your check and a copy of the settlement statement. Upload the settlement statement to dotloop and submit it for review. You can bring the check to the office or deposit at the closest Chase Branch.