A Handy Checklist for Closing Day

Closing day is an exciting time, but amidst all the anticipation, it's important not to overlook crucial tasks that need to be completed before the settlement. Whether you're buying or selling a property, understanding your responsibilities beforehand is essential to ensure a smooth transfer of ownership. Let's take a look at what you need to keep in mind:

Seller Responsibilities:

1. Provide Keys and Schedule in Advance: If your closing is remote, make sure to arrange in advance for the delivery of keys to the buyer, including those for doors, garage openers, and sheds.

2.  Leave the House in Broom-Swept Condition: Before the final walk-through, ensure that your house is free from any trash, boxes, furniture, or personal belongings.

3. Complete Inspection Requests: It's important to address any inspection requests before the walk-through. Provide documented proof to the buyers that repairs, termite treatments, mold remediation, and radon mitigation (if necessary) have been successfully completed.

4. Bring Photo ID to Closing: Don't forget to bring a valid photo identification, such as a driver's license, passport, or government ID. In the case of a remote settlement, make sure to send a digital copy beforehand.

Buyer Responsibilities:

1. Schedule a Walk-Through: Arrange a walk-through of the property up to twenty-four hours before the closing to ensure everything is in order. 

2. Review the ALTA Settlement Statement: Familiarize yourself with the ALTA settlement statement at least three days before closing. This document outlines important details such as the terms and conditions of your mortgage loan, monthly payment, taxes, mortgage insurance (if applicable), funds needed for closing, and the amount of escrow to be released.

3. Confirm Payment Method with the Title Company: Once you have a clear understanding of your closing costs, confirm the payment method and instructions with the title company. Be cautious of wire fraud attempts by double-checking the title company's phone number before initiating any money transfers.

4. Verify Contingencies Are Met: Before the closing day, ensure that all contingencies have been met. This includes agreed-upon repairs with the seller, completion of the home appraisal, final mortgage commitment, and proof of homeowner's insurance policy.

5. Bring Photo Identification: Just like the seller, don't forget to bring a valid photo ID to the closing. If it's a remote settlement, send a digital copy ahead of time.

6. Confirm Moving Details: At least three days before your move, reach out to your chosen moving company to confirm the date and time of your move.

By following this closing-day checklist, you can minimize the likelihood of delays and complications. Remember, your real estate agent or attorney is there to help you navigate any obstacles that may arise, ensuring that your closing day is both exciting and hassle-free.