Making Property Settlement a Smooth Transition

Selling your home either through a private sale or an auction is a great accomplishment. You may feel wonderful knowing that the deal has gone through. However, you still have the obligation of making sure the property settlement goes though as it should. The best way to do this is to make sure the documents clearly outline what will take place, who is responsible for the event, and when it will occur.

Final Inspection

Typically, the seller gets to set the settlement date. This is anywhere from 30 to 90 days after the sale. The final inspection should take place during this time. The seller legally has to give you the property in the same or better condition than when it was sold. Anything listed in the contract that is to remain on site must be there.

Insurance

The buyer needs to have proof of insurance ready when they take over the property. If there is a loan on the property, it is a requirement. The lender isn’t going to take any chances something might occur and destroy the home, meaning they lose all of that money. The insurance has to cover at least the minimums by law and they have to cover the dollar amount owed on the mortgage loan.

Handing Over the Keys

Once everything is completed above and there aren’t any issues to iron out, handing over the keys is the next step in the process. Make sure you deliver all copies of all keys you have for the home. This should include any garage openers. Most buyers will go ahead and change the locks anyway once they take over ownership, but that is up to them.