You've reached the preparation for closing phase, where all contingencies have been met, and you're on the final stretch before transferring ownership of your property. This guide outlines the key steps to ensure a smooth and successful closing, from maintaining property insurance to keeping utilities connected for walkthroughs. Follow these steps to pave the way to a seamless closing day.
STEP 1: Schedule and Complete Required Inspections, Certificates, and Repairs 📜🛠️🚒
- Identify Requirements: Based on township requirements and the buyer-seller agreement, determine necessary certifications, repairs, and inspections, such as septic inspections, well water inspections, sump pump inspections, municipal fire safety, etc.
- Coordinate Inspections: Schedule inspections with licensed professionals for the property, including fire safety inspections.
- Complete Agreed-Upon Repairs: Engage licensed contractors to complete any agreed-upon repairs or improvements.
- Obtain Certificates: Secure required certificates, such as the “Smoke Detector and Carbon Monoxide Detector Compliance Certificate” or “Certificate of Continued Occupancy” (CCO), and provide them to the buyer.
- Provide Documentation: Supply the buyer with invoices, inspection reports, and other relevant documents confirming completion.
STEP 2: Confirm Closure of Open Permits 🏗️📜
- Review Property History: Check for any open permits associated with the property.
- Coordinate with Local Authorities: Work with the municipality to close all open permits.
- Provide Verification: Offer the buyer verification of closed permits, such as final permit approvals.
STEP 3: Coordinate the Transfer of Utilities ⚡️💧🔥
- Identify Transferable Utilities: List all utilities to be transferred.
- Schedule Transfer Dates: Coordinate with the buyer to set transfer dates that align with the closing date.
- Notify Utility Providers: Inform utility companies of the change in ownership.
- Keep Utilities Connected: Ensure that all utilities remain connected until closing to facilitate testing during the final walk-through.
STEP 4: Prepare for Vacating the Property 🚚📦
- Plan Your Move: Schedule a moving company, if needed, and pack personal belongings.
- Clean the Property: Ensure that the property is clean and in the agreed-upon condition for the final walk-through.
- Maintain Property Insurance: Continue your homeowner's insurance policy until the title is transferred to ensure protection against unexpected incidents.