Closing

If you have come this far, then this means that it is ALMOST time for a congratulations…but not yet. Do not forget to tie up these loose ends!

More of a formality than anything else, the final walkthrough takes place 0-4 days before closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property (note you cannot make new repair requests at this time), that there are no extra items left behind, and that everything included in your purchase is still at the property. Unless early or late possession is negotiated in the contract, Missouri is a possession-at-closing state. Ideally all items are removed before final walkthrough, but when a walkthrough is done a few days before closing or sellers are buying their next property on the same day (and moving all of their personal belongings from one house to the next), sometimes there will be boxes that have yet to be loaded. Your agent and the listing agent will work together to resolve any concerns. When in doubt, closing may need to be delayed. Early and late possession is discouraged due to liability, and for this reason some real estate brokerages do not let their agents negotiate anything other than possession at closing.  

You will need to set up activation of utilities prior to closing, but we will provide a list of phone numbers and websites to assist you in this process. 

We are ready to assist you should an unforeseen glitch pop up, even at this last stage. If something at the property breaks down, or some other minor detail – no need to worry. One of our agents once had a property that was hit by an extreme hail storm less than 24 hours before closing! Although closing was delayed, once the property did close the agent had secured a new roof and windows through the seller’s insurance through constant communication with the listing agent. Like that circumstance, we have encountered these problems before and know how to handle them efficiently and in a stress-free manner.

Prior to closing, if you are receiving financing, your lender will provide you with a Closing Disclosure (CD), which they will ask you to sign. Based on the numbers on the CD, the title company will then furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the closing in the amount specified on the settlement statement. You will also need a piece of photo identification. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time (unless your agent verified prior to this time that the keys and garage door openers were left at the property).