From Contract to Closing

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The National Association of Realtors lists these last pre-closing steps:

  1. Select an escrow agent.
  2. Assemble any condo or homeowners association financial statements and recent reports for the buyer.
  3. Order a preliminary title report.
  4. Request a satisfaction letter from your present lender.
  5. Coordinate the home appraisal and inspections.
  6. Arrange final utility readings and payments.
  7. Obtain a home warranty policy if you've agreed to provide this to the buyer.
  8. Create a formal plan for handling repairs. When repairs are made, and who pays, is flexible. However, it's important that you and the buyer spell out your agreement before closing so no questions arise later. Put money for any outstanding repairs in an escrow account.
  9. Have an attorney prepare the deed. (If you're working with an agent, he will typically work with the attorney on this.)
  10. Arrange for payment of transfer taxes. Your agent will make sure that the financial requirements of your county are included in your closing paperwork and discuss possible payment options.

Finally, make sure everyone -- and everything -- important moves with you:

  • Notify the post office, utility and insurance companies, and friends of a forwarding address several weeks in advance.
  • Make copies of important records, such as transcripts, employment and financial documents, that you might need immediately or can't risk losing in the move.
  • Find a mover.

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