Step 22 To Selling a Home: Scheduling Closing
Now that we have a contract on your home and we're through the due diligence period, it’s important to schedule the closing on your calendar.
Here are a few things to know about your closing date as specified on your executed contract:
First, the closing date could change.
While we hope closing occurs on your closing date and it’s not likely that the date will change, there are some factors which could cause it to be pushed back, such as a tight time frame for closing (anything 30 days or less) causing the mortgage company to need more time or issues that the closing attorney may find during the title search. However, for planning purposes right now, count on your closing date being the final date.
Next, note where closing will take place.
Closing will take place with the closing attorney that is stipulated in the contract. Many attorneys have multiple locations, so unless a specific location is noted in the contract, we can likely choose the location that is either most convenient to the house or to you. On average closing takes about 90 minutes for the buyer, but we may be able to arrange for you, as the seller, to sign your closing documents before the buyer signs (so that you can sign quickly and get on with your day). While this is very likely in almost all cases, a couple of exceptions to this option may be:
- If you are purchasing a home right after selling your home (back-to-back closings), in which case you will need to plan to attend both closings
- If the closing attorney doesn't have enough open closing times to allow for two separate closings for the same transaction
- If the buyer's lender has documents that need to be signed by both the buyer and the seller in order for the mortgage loan to be funded and they were not able to get the loan package to the closing attorney early enough to accommodate a separate seller signing
In the event that you can sign your closing documents early, your side of closing will only take 15 to 20 minutes.
Third, if you won't be in town for closing, let's make a plan now.
If you have already moved and you will not be in town for closing, we will let the closing attorney and lender know on the day we go under contract so that they can adequately prepare for the fact that you will need a mail-away closing. There is a charge for mail-away closings, and it differs with every attorney, but it is usually a nominal fee between $100 to $200. You will receive your closing documents just a few days before closing, and you will need to sign them in front of a Notary Public and a witness (who cannot be the same person and cannot be related to you) and overnight them back to the closing attorney to be received no later than the day of closing. If you are doing a mail-away closing, be prepared to move very quickly to get this done in the couple of days before closing.
Finally, think ahead to closing day.
On the day of closing, unless we have negotiated another arrangement with the buyer, you will need to be completely out of your home, including all of your belongings and all trash/debris (in other words the home will need to be empty and clean) no later than the time of the closing. Once the buyer's closing has concluded, their loan has funded, and the attorney has all of the paperwork signed and executed, the buyer will receive the keys and the house will be theirs!
If you have any questions about closing, please let us know by calling 404-994-2181 or emailing Maura(at)BuySellLiveAtlanta(dot)com.