Let’s discuss what to do once your home is in contract to prep for a seamless closing.
As a seller, once we’re in contract, there’s not much more to do than hurry up and wait. There will be a few board package documents that require your signature, and a few bank checks payable to your managing agent you’ll want to prep and deliver.
If you’ve followed the steps we discussed earlier in how to move from contract out to contract signed, your side of the deal should already be on solid footing. Now it’s about tightening up any loose ends.
Permits, Appliances, and Final Prep
There are a few issues that, if they exist for us, we will have discovered them before listing—and now want to make sure they’re reconciled.
The first is open permits. Did you undergo a large-scale renovation project at some point in your ownership that required Department of Buildings approval? Even if your architect submitted your plans to the DOB, and even if they were approved, a DOB inspector has to come to the home post-renovation and sign off on your completed work. If you neglected this step, DOB won’t follow up with you—they know you’ll come crawling back once you discover you need their approval to sell.You can check open permits or violations here through the DOB’s online portal.
Another potential issue is unapproved renovations. Did you add a washer/dryer or convert an extra bedroom that maybe you didn’t bother getting building approval for? The building may not chase you down for it—but they’ll wait until you’re ready to sell, then let you know they won’t approve your sale until the renovation is formally approved, even if that means starting from scratch.
Now is also the time to make sure all appliances and fixtures are in good working order. Lightbulbs, windows, doors, and electrical outlets should all be working as intended. If there was any damage to floors or walls covered up by furniture, your attorney may assert that it was the buyer’s responsibility to move your couch to check for damage underneath at the showing—although that position is likely to cause trouble at the closing. Go ahead and fix it before the walk-through.
Utilities, Keys, and Final Delivery
As you move out, continue to pay your mortgage, maintenance, and utilities. Gas and electric need to be in service at the time of the walk-through to confirm that all appliances are working, and your attorney will handle proration of your mortgage and maintenance payments. Your attorney will also coordinate with your payoff bank and the buyer’s lender as well.
This Nolo article outlines what to expect on closing day, including timing, documentation, and handoff.
You have the option of closing through power of attorney if you don’t wish to attend in person. Closings typically take about two hours. Don’t forget to bring the mailbox key and the key to any storage unit. Once closing is completed and the buyer has been given a copy of all keys, the process is complete. Congratulations.
If you have any more questions on any phase of the real estate sales process in New York City, please feel free to reach me anytime at my contact info, listed below. This is Jacob Wood, your New York City real estate advisor.
