When selling a house, every person looks forward to the closing date, when they finalize the sale and hand over the home to the new buyer. However, before this day comes, there are so many things that should be done to avoid mistakes in the sale documents or other issues that could stall the closing or potentially add up to lost profit. That's why, as a seller, you need to be aware of such issues and resolve them beforehand to ensure that you get the expected profit from the property and complete the sale within the stipulated period. Here are some of the things you should take care of before closing the sale.
Review the inspection report
Did you organize a house inspection when listing the property on the market? If, you may want to review the inspection report and ensure that everything is in order. If the buyer performs the final walk-through of the property and finds that something is not right, they may ask for repairs or a discount on the sale price. Unless you want to extend the closing date so as to accommodate repairs, it may be a good idea to review the report early and ensure that every part of the house is in excellent condition, as promised to the buyer.
Switch the utilities over
You should avoid future disputes with the buyer over charges on utilities such as water, electricity and cable. Before the closing date, make sure that you have contacted the utility companies and taken all the services out of your name. Provide your new address so that all the billings can be done and sent to your new house. Also, remember to contact your homeowner's insurance company and cancel the policy on your old home. Insure the new house, and inquire about refunds on prepaid premiums as well.
Inspect the closing documents
Closing documents contain lots of information about the sale, including expenses such as appraisal fees, mortgage application fees, inspection fees, home warranty, property taxes, and brokerage commission for your real estate broker. Review the documents and make sure that all the costs have been outlined correctly. If you had a home warranty policy, ensure that it is included in the documents. Also, if your agent or broker promised a discount on their commission, make sure that it is indicated. You will not be able to make any changes once the documents are signed by the buyer.
Closing on a house isn't an easy process, and you can easily make losses due to simple mistakes and oversights. Work with a real estate expert to ensure that your interests are safeguarded during the sale.