You did it! This is the last important date! Stretch your signing hand and get ready to feel bliss!
You’ve made it! No really, you have. There has probably been a plethora of ups and downs along the way but you’re crossing the finish line!
The final walkthrough and closing are the last steps to complete the transaction. The final walkthrough is just that, Buyers walking through the property and ensuring everything is where it should be. It’s typically done within 24 hours of the closing time and most Buyers like to do it just before the closing (no surprised burst pipes the night before).
They’re looking at the appliances, they’re testing the toilets, they’re looking for anything different from the last time they were at the property which was most likely the building inspection. And the building inspection was most likely a headspin for all that were present. You didn’t get the best look around, now’s your final chance.
Sellers are obligated to leave the property in “broom clean” conditions. So most won’t be scrubbing the tile floors and washing the exterior windows, but others will want the Buyers to walk into the property feeling like this is still a good life decision. The two major questions at a final walkthrough are: Have all the agreed upon repairs been completed to Buyers satisfaction? And: Are there any items of personal property left behind that weren’t previously agreed upon? We’ve seen everything from courtesy paint cans left in the basement to untouched hoards of personal belongings in the attic. So be prepared!
Next, everybody meets up to sign a mountain of paperwork. The closing is typically held at the title company so they have access to their systems and copiers. However, sometimes a title attorney or closing coordinator will travel to either Agency or sometimes even hold the closing at the property itself!
As a Seller, you have a fifth of the amount of paperwork a Buyer has to sign. You’re releasing your mortgage, signing the new deed, ect. As a Buyer, you’re promising big institutions you’re gonna pay this much money per month until the end of time. Just kidding, but for real, you’re committing a lot and it’s important you know what you’re signing. It’s not unusual for the title rep to move you along, summarizing the parpers you’re signing, and asking any questions along the way.
The title rep will take copies of your valid photo ID (make sure it’s not expired!) and ensure every signature and initial is where it needs to be. Someday, I hope to see this all electronically, but for right now it’s literally a mountain of paperwork. Everybody shakes hands (post COVID-19) and congratulates each other.
Are you ready?! Stretch your signing arm, you haven’t written this much since elementary school! And practice your cool, fancy signature – this will be on those documents for eons. Lastly, enjoy the moment, snap a selfie with your realtor and celebrate this new adventure in life! Congratulations from the DOMAINE Team!