The closing is the last part of the real estate transaction. However, this doesn’t mean that you’ll get to pass on the key right away. The closing process takes about a month and there’s good reason why – this is the part of the process where negotiations are winding down, the repairs need to be made, and of course the last minute surprises that may come your way. However, fear not as you will know how to prepare for this part of the selling process by reading the tips below.

The results of the home inspection have arrived and now you’re faced with a list of things that you need to fix, or else you may risk your chance of selling the home. If this was part of the buyer’s contingencies then you shouldn’t wait last minute to get the ball rolling. Give yourself at least seven days prior to closing. By doing this well ahead of time, you give yourself some cushion room – the buyer may not be happy with the repairs done, by having a few extra days you can work on making it just right. Remember to save all the receipts and invoices, you will need to show these as proof that the repairs were done. Now that the repairs have been done and are in check with the buyer you need to prepare your home for the final walk through.

The walkthrough usually takes place two days prior to the closing date. The buyer and their agent will examine every room to do a second check that all the repairs are done and more importantly to see whether new issues have surfaced.  If new problems are spotted and if they are big enough the closing date will be postponed to give you time to make the additional repairs.  At this point due to the time constraints faced by each party (the buyer and the seller) the buyer will typically ask for money instead. However, if the contract has been already printed up and signed it can’t be altered so people have become creative and have started to add gift cards or suggest appliance trades. Next is the paperwork.

If all goes well, you will now have to sign off eight different papers, and you will have to sit through until the buyer signs theirs. For the seller the most important document is the settlement statement because it includes the money you’ll make plus the tax implications. If you are confused about anything, talk to your agent.  There is the chance that not all goes well, if due to the buyer’s concerns you need to drop the listing price to sell the home, even a drop by $2000 will delay the closing date, but there are many alternatives to present to avoid this situation, one of them being offering appliances as part of the listing price. 

Sign up for our newsletter!
416-499-4948 / 905-488-4926