The Jones Group RE
The Jones Group/Keller Williams Puget Sound

As closing nears, we would like to take a minute to answer questions that many buyers have as we prepare to close on your home. In this email, I hope to answer any questions that you might have, as well as remind you of anything you might not have thought about in this exciting time…

  • Utilities – In most cases the sellers will have already called the utility companies to order the shut-off on the day of closing. This means, you will want to make sure you call all utility companies (Water/Sewer/Power/Garbage) to let them know that you would like your account to transfer over to this property on the closing date. That way, you won’t be without a necessity AND you won’t have to pay for a setup charge. IF the utilities are already off (i.e. if the property was owned by the bank or has been vacant for a while), you will still need to setup the utilities, but you may have to pay the charge for setting them up. You can find utility information in the Contract, Form 22K (generally page 10-12), OR feel free to reach out to your escrow closer and ask them.
  • Do we want to re-inspect the property? – This is totally at your discretion, and comes with a wide range of options. You are permitted, when repairs are complete, to re-inspect the work done based on your requests, to make sure the work was done to your specifications. If only minor work was requested, you may want to waive the re-inspect or go through with your agent only and check the work yourself. However, if more major work was done, or if it was work that you are unfamiliar with (crawl space, attic, roof, electrical, etc.) you may prefer to have your original inspector return to the house and look at only the work called out to make sure it was done up to code. While this will be less expensive than a full inspection, it could still be $200+. Whatever you decide on is up to you. However, if you would like to have the inspector re-inspect, please let us know soon so we can help coordinate a good time for you and the inspector to be present.
  • Do we get keys as soon as we sign the documents? – Unfortunately, no. Closing on a property is broken up into a span of 3-5 days at the moment. Here is the run-down of how things will progress:
    1. 3-5 days before closing – The loan is approved and loan documents are sent to escrow. Escrow and the lender confirm pay-off amounts based on the contract.
    2. 1-3 days before closing – Escrow sets up signing appointments for the buyer and the seller. All documents are signed, buyer is directed on how to wire funds, if additional funds are required.
    3. On the day of closing – The lender will “fund the loan” (send the necessary funds to escrow). When escrow has all the funds and paperwork required, assuming they are not waiting on anything else, they will Release to Record the transfer of ownership at the courthouse. Typically towards the end of the day the transaction will be complete, and the property will officially be in your name! This is when your agent will arrange the transfer of keys and your agent will be in touch regarding this.
    4. Note: The seller technically still has until 9:00pm that evening to be out of the house, no matter what time the house closes. However, in most cases they will already be out of the house and, once the transaction is closed, you will be able to take possession. Consult your agent.
  • Should I change my locks? – Generally it is recommended that, after the close of your home, you change the locks to ensure that anyone else who may have been given copies of the previous keys in the past does not have access. This is totally at your discretion, but we do recommend it.
  • Other Questions? - We work hard to make sure everyone is kept in the loop in the final days. However, feel free to email myself or your agent for a status update and we would love to help you out
  • NOTE: Now that we are getting close to the closing date, please make sure you don’t finance anything or make large purchases/sales prior to the closing of the transaction, as this can hold up the whole deal! If you are uncertain if a purchase/sale is small enough to make, ask your lender and they will be able to better assist you in the specifics.