Closing Day
If you have come this far, this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends:
Final Walk-Through Inspection
More of a formality than anything else, the final inspection takes place the day before, or on the day of the closing. The buyer may visit the property or send their agent to view the property to verify that all is in working order, everything is the same as when the buyer last viewed the property, and that there are no extra items left behind.
Home Services and Utilities
Please do not cancel your utilities. After closing, the closing attorney will register the property in the name of the buyer or their assigned corporation. This usually takes approximately 2 weeks for the registration to complete. Once completed, the closing attorney or the buyer can attend the utilities and municipal taxes and put them in the name of the new owner.
Be Prepared
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down or the buyers’ loan does not pull through on time, there is no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manner.
Closing
The Escrow Agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. The buyer(s) and seller(s) will sign this statement, certifying its accuracy. Most clients sign a Power of Attorney and are not present during the closing. If you are receiving funds from the transaction, you need to provide to the Escrow Agent the bank account details where you would like to have the fund wired to. The seller should arrange to have all property keys and any other important information for the new purchaser at the closing, so that the purchaser may receive these items at this time.
