Avoid the Deathly Hallows on Closing Day

When filling out a contract to purchase a property with your real estate agent look carefully at the calendar and select a specific closing date that works the best for you. Most buyers just write in the first or last day of the month; hence those days have become the busiest and the most difficult for scheduling movers, cleaners, utility companies and attorneys.

To avoid being “harried” and the Deathly Hallows, write down a rough schedule of your final days. Some items you will want to consider might include scheduling of:

• Packing of your CURRENT home (professional packers’ need 1-2 days).
• Loading the moving van (may need 1-2 days).
• Cleaning cabinet shelves, drawers, refrigerator, freezer, bathrooms, floors and garages.
• Once your beds are moved, where will you sleep?
• Have you booked a hotel if necessary?
• Where will your pets and children be for these days?
• When can you unload your belongings into your NEW home?
• When will you have the beds unloaded and made up so you can spend the night?
• A walk through inspection of the property to be purchased is done with the buyer and their real estate agent when the home is totally vacant and just prior to closing. (evening prior or a few hours before closing).
• Buyer will need to obtain a certified check for the funds needed at closing. Exact amount is typically provided by buyer’s attorney 24 hours prior to closing.

In most cases, the closing takes place at the buyer’s attorney’s office. The way to remember this is that you “go to the money” which would be the buyers. Many times the buyer does not use a local attorney and we end up in NJ towns we never heard of!  (That can be another column!) Sellers can pre-sign with their attorney and need not be present at the actual closing.

Lenders typically deliver the mortgage package to the buyer’s attorney the MORNING OF your closing NOT BEFORE. The mortgage package then needs to be assembled. Finally your attorney can meet with you to do 1^st) the mortgage closing, and 2^nd) the title closing. Closings typically cannot be scheduled prior to mid-morning to accomplish all this. The seller’s attorney, selling real estate agent and seller attend just the title closing, which is when you are handed the keys and you now own your new home!

Consider if your moving plans would be better to include a weekend or a day off from work considering all that needs to take place? I always suggest to stay away from Monday closings as too much needs to be in place on Friday. Friday closings can be problematic if there are any issues that rear their ugly heads and you could be homeless or without utilities until all can be resolved on Monday.

You can see why my buyers are thrilled that I make them focus on the calendar and pick an actual “this is the best closing date” when we write a contract as it avoids the chance of the Deathly Hallows.