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Closing Checklist

Open Escrow

  • Executed Residential purchase agreement (RPA), counter-offer(s), if applicable, and other forms sent to escrow
  • Pre-approval Letter
  • Buyer qualification and background information
  • Verify non-realty items (i.e. personal identity)
  • Communicate all parties and professionals involved in the transaction
  • Earnest money deposit wired to escrow
  • Schedule inspections and appraisals

 

Clear Contingencies

  • Seller Disclosures
    • HOA Docs (if applicable)
    • Transfer Disclosure Statement / Seller Property Questionnaire
    • Natural Hazard  Disclosure
    • Other – local ordinances, lead based paint, etc.
  • Title Report
    • History of ownership including current owner and clear of any liens, disputes or other issues
    • Clear title contingency
    • Obtain owner and lender policy
  • Buyer Inspections
    • Home inspection
    • Termite and pest
    • Request for repairs / clear inspection contingencies
  • Appraisal
    • Lender schedules and coordinates with Realtors
    • Home appraises for purchase price or negotiate with seller / back out of deal
    • Clear appraisal contingency
  • Loan Approval
    • Finalize lender and loan program (if not already done during pre-approval)
    • Legal description of property
    • Application and supporting documentation
    • Final credit report
    • Source of funds verification
    • Underwriting
    • Final loan approval
  • Other
    • Home Sale / Purchase (if applicable) – Sometimes the buyer or seller will make the sell contingent on buying or selling another property.

 

Escrow

  • Closing statements
  • Mortgage payoff
  • Title search and insurance
  • Loan documents
  • Closing documents
  • Deed preparation

 

Prepare for Closing

  • Final walkthrough
  • Assemble all documents
  • Wire balance of deposit to escrow
  • Execute all final documents (i.e. loan docs notarized)
  • Insurance policy
  • Loan funding

 

Closing

  • Deed recorded with county assessor office, you’re officially the new homeowner
  • Disbursement of funds
  • Arrange to take possession of property

 

Moving

  • Confirm movers
  • Seller cancel utilities
  • Buyer set up utilities
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