Seller Settlement Checklist
Buying and selling a home can be a very stressful process for all concerned. If the seller, the buyer, the listing agent and the buyer agent all work together as a Team in executing on the contract milestones, the process will be smoother, less stressful and a more pleasant experience for all concerned. Our goal on The R&R Team is to provide you with hands-on assistance so as to make the execution of your contract as smooth and stress-free as possible. This checklist outlines the responsibilities of the listing agent and the seller in this process.
Listing agent responsibilities:
- Track all major contract milestones for the seller to ensure all required contract inspections and contingencies are completed on time or are satisfied per the contract (will keep seller advised via emails and telephone with updates and completion status). All events involving a third party visits to the property will be fully coordinated and scheduled by the listing agent with the seller. Listing agent will advise seller of protocols involving seller presence at or absence from the property for each visit.
- Order and transmit HOA or condo docs to buyer via buyer agent. Assist seller, if applicable, in scheduling of HOA re-inspections after seller has completed needed repairs to correct any cited HOA or condo architectural violations.
- Schedule and conduct termite inspection if seller responsibility (or assist buyer agent in scheduling and completing if buyer responsibility).
- Acquire settlement company questionnaire and assist seller in completing same. Seller needs to provide copy of property house location survey plat and owner’s title insurance policy to listing agent to send to settlement company with the completed questionnaire. Listing agent will coordinate settlement date/time with seller, buyer agent and settlement company. Also, listing agent will acquire from the settlement company and will review with the seller a draft settlement statement (HUD-1) before closing.
- Meet appraiser at the property and provide updated comparable property and analysis info to appraiser.
- Forward advanced copies of vendor invoices/receipts to the buyer agent on behalf of the seller upon completion of seller-required repairs.
- Complete home warranty policy application for seller, if contractually required, and bring the invoice to closing.
- Attend the settlement and advise/assist seller as needed.
- Coordinate all post-settlement occupancy agreement/ rent-back actions, if applicable, for seller after closing, including the final post-closing inspection and release of security deposit held in escrow after seller move-out.
- Sign/ initial and return required contractual documents and provide requested information/ documentation to listing agent is a timely manner.
- Arrange for and complete all agreed-to home inspection and HOA violation repairs in a timely manner. Provide copies of all paid invoices and receipts for repair materials to listing agent.
- Arrange packing, move-out of personal effects and cleaning of the property so that these actions are completed the day before closing (unless there is a post-settlement occupancy agreement/ rent-back period after closing). Property must be left broom clean. Most buyers will complete the final walk-through inspection of the property the evening before the scheduled settlement. Recommend that all nails/screws/picture hangars be removed from walls and these locations be spackled/painted to match surrounding wall areas. If this is not possible, seller should discuss with listing agent beforehand.
- Close utility accounts: Seller needs to continue all utility accounts in seller name until one business day after the scheduled closing. This is to ensure that the utilities are on and operating for a final walk-through inspection on the day of closing should the buyer elect not to do the walk-through until the day of closing. Utilities must be on to complete a full walk-through inspection. This is a contractual requirement. Seller should schedule meter readings and have accounts closed out one business day after closing by calling the utility companies approximately one week before the closing date. Utility contact info can be found at http://www.therandrteam.com/47.php.
- Seller needs to bring the following to closing (as applicable):
- Picture identification (such as drivers license or passport) for each seller signatory at the settlement.
- All sets of keys to home, storage sheds, mailbox and/or other locks to property(do not bring these to closing if seller will be retaining possession of the property through a post-settlement occupancy agreement (rent-back)).
- All remote controls, garage access cards or listing of access codes to home/condo amenities (garage door openers, gas fireplace remotes, security systems, etc.) (do not bring these if a post-settlement occupancy agreement applies).
- Original copies of all paid invoices/receipts for home inspection and HOA required repairs, including any warranty certifications (radon remediation, roof, appliances, etc.).
- Copy of voided check or deposit receipt for personal bank account, if wire transfer of net proceeds from sale of home is desired.
- Personal bank account checkbook to be able to write a check to pay for any last minute buyer walk-through items or any last-minute adjustments to the draft HUD-1.
- Copies of warranties or operating manuals to appliances or for other items in the home that may be helpful to the homebuyer(s), to include any builder-provided structural warranties (may wish to leave these in a kitchen cabinet drawer instead) (do not bring to closing if a post-settlement occupancy agreement applies).
- Copies of building/ zoning permits and inspection approvals/certificates issued by city or county authorities for home remodeling, system modifications, etc., as required (may wish to leave these in a kitchen cabinet drawer instead) (do not bring to closing if a post-settlement occupancy agreement applies).
- Original public notarized and copy(ies) of applicable power-of-attorney documentation if one or more of the sellers cannot attend settlement. Power-of-attorney documentation must be reviewed and approved by the mortgage company and the settlement company prior to settlement and an original notarized copy of the power-of-attorney document must be provided to the settlement agent at closing. The settlement company can assist in drafting and notarizing power-of-attorney documents.
- Official bank check(s), cashier check(s) or certified funds, if seller is required to bring added funds to pay-off your mortgage(s). The amount required for closing should be specified on the latest draft HUD-1 provided by the settlement company and the check is to be made to the benefit of the settlement company.
The R&R Team, Inc.