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Wednesday, October 23, 2013

Preparing for Your Closing

[As published Oct. 24, 2013, in the Jeffco editions of the Denver Post -- expanded here]

     If you’re the seller, you’ll want to make sure you’ve completed any repairs agreed to in the Inspection Resolution. On the day of closing (or the day before), call your electric and gas utility to tell them you’ve sold the home and to give them final meter readings. They will apply your final meter readings as the starting readings for your buyer after he calls them to identify himself.  Since the utility will not turn off the gas and electrical service, he can do this anytime in the next week or so. The title company will order the final water meter reading and pay the final bill from the few hundred dollars they escrowed from your proceeds at closing, then send you a check for the balance. Remember to call your other providers — cable TV, satellite TV, phone and Internet. Until you’ve done that, the buyer may not be able to order new service.  Right after closing, call your homeowner’s insurance provider and tell them to cancel your policy and send you a return premium. If your mortgage company was escrowing mortgage and insurance money, you’ll receive a check for the escrow balance within 30 days after closing.

     If you’re the buyer, you'll want to do a "final walk-through" of the listing on your way to closing to make sure there's no new damage to the home.  If there were inspection items to be handled by the seller prior to closing, you'll want to do an additional walk-through as soon as you're told that the repairs are completed in case you find that the repairs have not been made. This way, any dispute over those items can be handled before the closing.  If you are bringing your downpayment to the closing, make sure it was either wired to the title company the day before or you bring a cashier’s check with you. It’s better to bring too big a check than too little. The closer will give you a check for the overpayment at closing. Remember that your lender is going to do a last-minute credit check and employment verification before wiring their funds to closing, so make sure you don't buy your car or furniture on credit prior to closing -- and try not to get fired or quit your job!

 

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