Closing Checklist Selling Agent Responsibilities *Be Certain That All Parties Have Copies of Any Documents That They Have Signed Or Initialed, Including the Contract

Home , Closing (real estate)

Closing Checklist Selling Agent Responsibilities *Be certain that all parties have copies of any documents that they have signed or initialed, including the contract.

Prepare For Negotiation Date Completed __/__ ___ 1. Pre-qualify Purchaser, get pre-qualification letter. __/__ ___ 2. Prepare cost sheet for purchaser. __/__ ___ 3. Prepare cover letter to Listing Agent personalizing the purchaser. __/__ ___ 4. Prepare the VPAR Settlement Transmittal Form. __/__ ___ 5. Make certain that the purchaser signs the Virginia Residential Property Disclosure or Disclaimer. __/__ ___ 6. Make certain that the purchaser signs the Lead Based Paint Disclosure if applicable. __/__ ___ 7. Return a copy of the ratified contract to the purchaser. Turn the contract in to the sales secretary. __/__ ___ 8. If Power of Attorney is to be used at closing locate original and deliver copy to settlement agent.

Week 1 __/__ ___ 1. Deliver the POA/Condo Packet if applicable; have the purchaser sign for proof of receipt. __/__ ___ 2. Get the purchaser to a mortgage company within seven (7) working days of contract ratification for loan application. __/__ ___ 3. Arrange and attend the home inspection; negotiate any deficiency lists. __/__ ___ 4. Deliver a copy of the contract to the attorney and lender with the settlement Transmittal form.

Week 2 __/__ ___ 1. Check with the Mortgage Company. Has appraisal been ordered? __/__ ___ 2. Report to the purchaser regarding the status of the loan. __/__ ___ 3. If applicable and not completed in week 1, deliver POA/Condo Packet; have the purchaser sign for proof of receipt. __/__ ___ 4. Assist with the documents and any letter writing. Are verifications coming in? __/__ ___ 5. Instruct Buyer to order insurance.

Week 3 __/__ ___ 1. Check with the Mortgage Company; make certain that all documents have been submitted. __/__ ___ 2. Confirm with the Mortgage Company that the loan has been submitted. Ask what the turn-around time for the loan will be. Call purchasers regarding the loan status. __/__ ___ 3. Coordinate with the Listing Agent and the attorney on a tentative closing date. __/__ ___ 4. Check with Listing Agent on status of any repairs. __/__ ___ 5. Coordinate the walk through. Make sure that the utilities are on and transferred.

Week 4 __/__ ___ 1. Call the purchaser. Inform him of the loan approval and any conditions. Set a date and time for the walk-through inspection _____/____- (Walk through should be 2-3 days prior to closing). 2. Check with the attorney on the following items: __/__ ___ a. Pay-off has been received __/__ ___ b. Survey has been ordered __/__ ___ c. Termite letter has been received __/_ ___ d. Insurance binder has been received __/__ ___ e. Deed has been prepared and received __/__ ___ f. Confirm the closing date ____/___/____ and time ______/__ ___ g. Well/septic certification has been received __/__ ___ h. Home Warranty paperwork has been received if applicable __/__ ___ 3. Notify the lender of the closing date. __/__ ___ 4. Conduct the walk-through. __/__ ___ 5. Have the form signed by the purchaser and give copy to Listing Agent. __/__ ___ 6. On the day prior to closing, obtain the HUD Statement and inform the purchasers of the amount of cash needed to close. Tell the purchasers to bring a cashier’s check or certified funds made out to the closing attorney. __/__ ___ 7. Attend the closing with the complete file. Review the HUD Statement.

COPYRIGHT 2002 by the Virginia Peninsula Association of REALTORS®, Inc. All rights reserved. This form may be used only by members in good standing of the Virginia Peninsula Association of REALTORS®, Inc. The reproduction of this form, in whole or in part, or the use of the name Virginia Peninsula Association of REALTORS®, Inc. in connection with any other form, is strictly prohibited without prior written consent of the Virginia Peninsula Association of REALTORS®, Inc. Closing Check List Page 1 of 2 Listing Agent Responsibilities *Be certain that all parties have copies of any documents that they have signed or initialed, including the contract. Prepare For Negotiation __/__ ___ 1. Provide the net amount to the seller. __/__ ___ 2. Provide information to personalize the purchasers. __/__ ___ 3. Review the contract to understand areas needing negotiation. __/__ ___ 4. Make certain that the VA Residential Disclosure/Disclaimer form is a part of the contract. __/__ ___ 5. Make certain that the seller signs the Lead Based Paint Disclosure if applicable. __/__ ___ 6. Discuss the continuance of utilities with the seller for appraisal purposes and inspections. __/__ ___ 7. Provide a copy of the contract to the seller. __/__ ___ 8. Return the contract to the Seller Agent. __/__ ___ 9. Put up “Pending” sign or whatever signs you use in your area. __/__ ___ 10. Turn in the contract to the sales secretary. __/__ ___ 11. Report the listing as “pending” to the MLS. __/__ ___ 12. If POA is available, deliver to Buyer’s agent upon ratification and get receipt.

Week 1 __/__ ___ 1. Order the POA/Condo packet if applicable. __/__ ___ 2. Check with the Mortgage Company to obtain the preliminary opinion. __/__ ___ 3. Call the seller to provide feedback and status. __/__ ___ 4. Prepare and deliver the contract to the closing attorney with the cover letter and the Settlement Transmittal Form. Include information regarding pay-off. __/__ ___ 5. Send a cover letter to the attorney who is preparing the deed. __/__ ___ 6. Order termite letter according to contract before closing. Make sure the closing is within 30 days. __/__ ___ 7. If Power of Attorney is to be used at closing locate original and deliver copy to settlement agent. __/__ ___ 8. Order the well/septic certification if applicable; after home inspection.

Week 2 __/__ ___ 1. Check with the mortgage company. Has the appraisal been ordered? __/__ ___ 2. Report any feedback to the seller. __/__ ___ 3. Check with the mortgage company. Has the loan been approved? __/__ ___ 4. Report any needed repairs to the seller.

Week 3 __/__ ___ 1. Call the mortgage company. Has the loan been approved? __/__ ___ 2. Coordinate with the Selling Agent and the attorney in setting a tentative closing date. ____/____/______/__ ___ 3. Coordinate the walk-through. Set a date for two to three days prior to closing. ____/____/____ Check that the utilities are on per contract; coordinate any transfers. __/__ ___ 4. Inform the seller of the loan’s approval; confirm that the property must be vacant by the closing date unless a possession agreement is in effect.

Week 4 1. Check with the closing attorney on the following: __/__ ___ a. Pay-off has been received __/__ ___ b. Survey has been ordered __/__ ___ c. Termite letter has been received __/_ ___ d. Insurance binder has been received __/__ ___ e. Deed has been prepared and received __/__ ___ f. Confirm the closing date ____/____/____ and time ______. __/__ ___ g. Seller has been contacted regarding signing the deed. __/__ ___ h. Well/septic certification has been received __/__ ___ i. Home Warranty paperwork has been received if applicable

__/__ ___ 2. Attend the walk through, get signed walk through from selling agent. __/__ ___ 3. Arrange any repairs with the seller. __/__ ___ 4. On the day before or of closing. Obtain the HUD Statement from the attorney’s secretary. Confirm the amount or the proceeds and notify the seller. __/__ ___ 5. Collect pro rata rent, if any. __/__ ___ 6. Attend the closing, taking the house keys and the complete file with you. Review the closing statement. __/__ ___ 7. Remove the “FOR SALE” sign and lock box. __/__ ___ 8. Change the listing to “sold” in the MLS immediately after the closing.