Close of Escrow: What to Expect on Closing Day

You’ve made it to the finish line—almost! Closing day is when everything comes together, and you officially hand over the keys to the new owner (unless we’ve negotiated some additional occupancy). Here’s what to expect as we wrap things up:

• Final Walk-Through

The buyer will do a final walk-through of the property, usually the day before or the day of closing. Their agent will request this in advance so you are aware of the time of the appointment. This is to confirm:

• Everything is in the same condition as when they last saw it
• Any agreed-upon repairs have been completed
• No unexpected items were left behind

It’s typically a formality, but it gives buyers peace of mind before signing the final paperwork.

• Canceling Utilities & Services

Once we’ve closed, you’ll need to cancel or transfer your utilities. When the buyer moves services to their name, most of these will come out of your name automatically, but it’s always a good idea to call and double check. I’ll provide a helpful list of contacts to make this part easy, including:

• Gas & electric
• Water
• Internet & cable
• Trash services

I recommend scheduling cancellations for the day after closing—just in case there are any last-minute delays. DO NOT cancel anything before closing – I could give you a list of “I can’t believe that happened” moments when homeowners prematurely cancelled and issues occurred – but I won’t 🙂 Suffice it to say, you want all utilities ON until you are completed with the closing.

If you will keep occupancy after closing, utilities stay in your name until you hand over the keys, so do not cancel these. The new owner will need to insure the property, but you will be responsible for utilities.

• What If Something Comes Up?

Even at the final stage, unexpected issues can pop up—like a last-minute repair or a delay with the buyer’s loan. Don’t stress—I’ve got you covered. I’ll work quickly to address any surprises and keep things moving smoothly.

• Closing Day Details

At closing, you’ll:

• Review and sign the settlement statement, which outlines all the financial details of the transaction
• Sign the necessary documents to transfer ownership
• Provide keys, garage openers, and any other important items for the buyer (unless there is occupancy, also known as a “rent back”)

If you can’t attend the closing in person, no problem—we can make arrangements for a remote signing or power of attorney, depending on your situation.

Don’t Forget: Cancel Your Homeowners Insurance Once your home is officially sold, you’ll want to cancel your homeowners insurance. But timing is key—here’s what you need to know:

• When to Cancel

• Cancel your policy after closing to ensure you’re covered until the sale is 100% complete.
• If you’ll have post-closing occupancy (meaning you’re staying in the home for a short period after closing), it’s important to:
• Maintain coverage with a short-term renter’s insurance policy to protect your belongings and liability.
• The buyer’s insurance typically covers the structure, but you’ll need coverage for your personal items during that time.

• Get a Refund on Unused Premiums

Most insurance companies will issue a pro-rated refund for any days you’ve already paid for but won’t be using. Just give your insurance provider a call after closing to request the cancellation and confirm your refund details.

This is a small but important step to protect your finances and ensure you’re not paying for coverage you no longer need.

• Getting Your Proceeds: You can choose to have your sale proceeds:
• Wired directly to your bank account (this typically comes with a nominal fee)
• Issued as a check at closing (this is typically free of charge)

• It’s Official!

Once everything is signed and the funds are disbursed, your home is officially sold! I’ll be there every step of the way to make sure it’s a smooth, stress-free process.

Let’s get you to the finish line—together.