Closing and Possession

During: Buying Process Overview: Contract to Close: Closing and Possession

Contract to Close

The following is a visual representation of the Closing and Possession process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.

contract-to-close-closing-and-possession

Warning! Logging and tracking tasks is for Premium Nomads only.

Click on the icon next to the task to see details about the task.

More info about this task...
More info about this task...
Watch the recording of the live presentation of "Contract to Close" available on:

https://learntoberich.com/contract-to-close/

Mark this task as complete once you've watched it.

ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

More info about this task...
Complete "Contract To Close: General" checklist:

https://learntoberich.com/general/

Mark this task as complete when done.

Contract To CloseContract To Close: GeneralUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Title" checklist:

https://learntoberich.com/title/

Mark this task as complete when done.

Contract To CloseContract To Close: TitleUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Owner’s Association" checklist:

https://learntoberich.com/owners-association/

Mark this task as complete when done.

Contract To CloseContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Seller's Property Disclosure" checklist:

https://learntoberich.com/sellers-property-disclosure/

Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

Mark this task as complete when done.

Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Loan and Credit" checklist:

https://learntoberich.com/loan-and-credit/

Mark this task as complete when done.

Contract To CloseContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Appraisal" checklist:

https://learntoberich.com/appraisal/

Mark this task as complete when done.

Contract To CloseContract To Close: AppraisalUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Survey" checklist:

https://learntoberich.com/survey/

Mark this task as complete when done.

Contract To CloseContract To Close: SurveyUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Inspection and Due Diligence" checklist:

https://learntoberich.com/inspection-and-due-diligence/

Mark this task as complete when done.

Contract To CloseContract To Close: Inspection and Due DiligenceUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Contract To Close: Closing and Possession" checklist:

https://learntoberich.com/closing-and-possession/

Mark this task as complete when done.

Contract To CloseContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13

Contract to Close:
Closing and Possession

And, here is the visual representation of the Closing and Possession process.

closing-and-possession-nothing-selected

Let’s look at each step in more detail.


Complete the "Contract To Close: Closing and Possession" checklist:

https://learntoberich.com/closing-and-possession/

Mark this task as complete when done.

Contract To CloseContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13


Complete the "Closing Date" checklist:

https://learntoberich.com/closing-date/

Mark this task as complete when done.

Contract Deadline: Closing DateContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13


Complete the "Possession Date" checklist:

https://learntoberich.com/possession-date/

Mark this task as complete when done.

Contract Deadline: Possession DateContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13


Complete the "Possession Time" checklist:

https://learntoberich.com/possession-time/

Mark this task as complete when done.

Contract Deadline: Possession TimeContract To Close: Closing and PossessionUltimate Nomad ChecklistWeek 13

Closing Date

closing-and-possession-closing-date

The Closing Date is the deadline to close.

More info about this task...
More info about this task...
Verify with the Title Insurance Company whether they will accept a cashier's check for closing or if you will be required to wire funds for closing.

IMPORTANT NOTE: If you are wiring money to the Title Insurance Company for Closing you should always get wiring instructions straight from them by calling them. Do NOT rely on emailed wiring instructions without verifying them by calling the Title Insurance Company or in person.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Some clients want to read, word-for-word, every document at Closing. If this is you, let us know as soon as possible and we can try to request a copy of the entire closing document package so you can read them in advance of Closing.

Then, at Closing, you can quickly compare them to the ones you've read to make sure they're the same ones and sign them.

Only about 1 in 50 clients do this so it is relatively uncommon.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Your Real Estate Broker should coordinate with your Lender and the Title Insurance Company to find out how much you'll need to bring to Closing.

Great Lenders will do this for their clients as well. Some don't.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Your Real Estate Broker should coordinate with you, the Seller, Seller's Real Estate Broker and Title Insurance Company to schedule a time for Closing.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Your Real Estate Broker should schedule a final walkthrough of the property just prior to Closing.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Your Real Estate Broker should review your Settlement Statement to check to make sure it matches the terms of your "Contract to Buy and Sell Real Estate" that was agreed to and, additionally, verify the pro-rations.

Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

This is usually done a few days prior to Closing in an ideal world with a great Lender. Often, it happens the day before or even the day of Closing. Some less-than-great Lenders never do it unless you insist they go over it with you.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
If you have a tenant in the property and you're buying the property with a lease in place, your Real Estate Broker should provide you with an "Assignment of Leases" that assign the rights of the current Landlord to you at Closing.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

More info about this task...
You'll want your full attention for the hour or so it takes for Closing, so please schedule a babysitter to watch your kids during your scheduled Closing time.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

More info about this task...
Walking through the property before Closing takes about 5 minutes, but you'll need time to travel there and the to Closing as well. Closing will take about an hour, so please schedule time off from work to accommodate your Closing time.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

More info about this task...
We recommend you walk through the property for about 5 minutes just prior to Closing to make sure that the property is still standing. This is NOT another inspection, but just a quick check to make sure all is how it should be.

We like to schedule this just prior to Closing so about 30 minutes or an hour before Closing depending on how far the property is from the location for Closing.

You'll usually meet your Real Estate Broker at the property for this final walkthrough prior to Closing then head directly over to Closing after.

Mark this task complete when done.

Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

More info about this task...
Bring the following with you to Closing:

  • 2 forms of photo ID
  • Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
  • Your funds required for Closing (usually a certified check)

Mark this task complete when done.

Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

More info about this task...
Attend the Closing.

Be sure to bring certified funds, two forms of ID and your checkbook.

Mark this task complete after Closing.

Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

Possession Date

closing-and-possession-possession-date

The Possession Date is the date deadline for seller to give possession of the property to buyer.

More info about this task...
More info about this task...
You'll want to change your address with the United States Post Office.

If your mailbox is locked, you'll need to bring your deed (which you'll receive at Closing) down to the United States Post Office to get a new key.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
Complete the "Change of Address" checklist:

https://learntoberich.com/change-of-address/

Mark this task as complete when done.

Change AddressContract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
If you're using a moving truck and hiring movers to help you move, you'll want to schedule those in advance of your Possession Date so they're ready for you when you get possession of the property.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
Your Real Estate Broker will typically provide you with a list of locksmiths so you can have the locks rekeyed at your property.

We strongly recommend you rekey the locks to your property as soon as possible.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
Your Real Estate Broker will typically provide you with a list of utility providers for your property so you can call and have them put into your name.

You should do this about a week prior to Closing or if the Seller is staying in the property after Closing then Possession Date.

IMPORTANT NOTE: The day of Closing belongs to the Buyer so utilities should start on Closing.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
About a week prior to Closing or if the Seller is staying in the property after Closing then Possession Date you should call each utility provider and have the utilities switched into your name.

IMPORTANT NOTE: The day of Closing belongs to the Buyer so utilities should start on Closing.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
If your property has common area resources like a clubhouse where residents get a key, your Real Estate Broker will coordinate with the Seller, Seller's Real Estate Broker and HOA to get you a key to these common area resources when you get possession of the property.

Mark this task as complete when done.

Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

More info about this task...
Take possession of the property and move in.

Mark this task as complete when done.

Contract Deadline: Possession DateContract Deadline: Possession TimeUltimate Nomad ChecklistWeek 13

Possession Time

closing-and-possession-possession-time

The Possession Time is the time deadline for seller to give possession of the property to buyer.

More info about this task...
More info about this task...
Take possession of the property and move in.

Mark this task as complete when done.

Contract Deadline: Possession DateContract Deadline: Possession TimeUltimate Nomad ChecklistWeek 13

The next step in the Buying Process Overview is Closing.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

Leave a Reply

Your email address will not be published. Required fields are marked *