Settlement

Final Walk-Through Inspection:

The final inspection usually takes place within a few days before the Settlement. The Buyer will want to visit the property to verify that all is in working order, everything is the same as when they last viewed the property, that there are no items left behind, and that everything included in the purchase is still at the property.

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Settlement:

Generally, the title officer will have provided the Closing Documents three days in advance for both the Buyer and Seller to review. The Closing Documents summarize in detail the financial costs associated with both the sale and the purchase of the property. At the actual Settlement, the Buyer and the Seller will sign this statement certifying its accuracy. If the Buyer obtained financing, they will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled Settlement, arrangements can be made with the title company in advance. All funds associated with the transaction are handled by the title company and are generally wired to their escrow account. The Seller should arrange to have all property keys and copies of invoices by licensed contractors for any completed repair work as a result of the inspections to deliver to the Buyer at Settlement.  During the final phase of the transaction, you should expect your listing agent to perform the following tasks on your behalf:

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• Contact Settlement company and lender and arrange for Settlement

• Coordinate and send notices to all parties and manage any concurrent settlements

• Prepare Seller for settlement, if needed

• Stay in close communication with Selling Agent, Seller, Title Company and Lender to insure all details are known

• Schedule and attend pre-settlement inspection/walk-through and handle last minute problems that may arise

• Arrange to have sign removed from property

• Attend closing with Seller and provide copies of all documentation for Seller

• Make sure keys, etc. are delivered to the appropriate parties

• Be readily available to handle any unforeseen situation