If you're thinking about walk-throughs, closing costs, and other items before the big finish, then you've found a buyer, negotiated home repairs, and are ready to move out—and on. But before you can make this sale official, you still have a few items to cross off your list. Here's everything you need to know to have a successful settlement.

Closing is the final step

Closing, or "settlement," is when both parties sign the final ownership and insurance paperwork, and the buyer becomes the legal owner of the home.

Typically, closing day takes place about four to six weeks after you signed a purchase and sale agreement. During this window, the buyer's purchasing funds are held in escrow until all contingencies, like the home inspection contingency and appraisal contingency, are met.

Your Realtor® will be able to answer questions and offer support through closing. Here's what to expect from the process, start to finish.

Before you close, you'll have a final walk-through

Most sales contracts give the buyer one last chance to do a walk-through of the home within 24 hours of settlement. This is their chance to check that the property is in good condition, and to make sure the agreed-upon repairs were completed.

In most cases, no problems arise at this stage of the transaction. If there is something amiss, pat yourself on the back for using a Realtor®. The final walk-through mostly gives buyers peace of mind knowing that the seller has adhered to the conditions of the sales contract and home inspection-related repairs.

Follow these steps to prepare for the final walk-through

It's not over until the ink is dry!  To help ensure that the walk-through goes smoothly, take these six steps ahead of time to prepare:

Step #1: Clean house. Your home should be broom clean for the final walk-through. Assuming the buyer is taking ownership on closing day, you should be fully moved out at this point.

Step #2: Leave owner's manuals and warranties. Make the buyer's life easier by providing all manuals and warranties you have for home appliances. Print physical copies and put these documents in one place for the new owner. If you have receipts from contractors for repairs, leave them with the manuals.

Step #3: Provide a vendor list. Give the buyer contact information for home contractors or maintenance companies that you've used in the past. These vendors are familiar with your home, and the new owner will appreciate having a list of servicers they can trust will take good care of their new home.

Step #4: Check for forgotten items. Do one more check throughout the home to make sure you're not leaving anything behind. One exception: You may want to leave unused or leftover paint cans in the colors currently in use within the home—but confirm with the buyer first.

Step #5: Lock up. Until settlement is complete, you're legally responsible for the home—meaning you'd be liable if there's a break-in before closing. It's a good idea to leave a porch light on, or to set an interior light to turn on and off with a timer.

If the final walk-through reveals an issue with the house, don't panic. The standard protocol is for the buyer's agent to immediately alert the listing agent that there's a problem. Then, both parties work together to solve it. Typically, either the closing gets delayed or there's additional negotiation, such as monetary deduction of the sales price. In other words: There are options, and your agent can help you through this.

Let's assume the final walk-through is smooth sailing. (Woo-hoo!) What happens next?

You'll get info about your closing costs from the Attorney. The closing typically takes place at the Attorney's office, or the buyer's or seller's agent's real estate office. CT currently allows for partial electronic closings with remote notaries, and the involved parties can opt to sign documents digitally.

Since COVID, Sellers may be able to skip the proceedings. Instead, your Attorney may act as your rep and you might pre-sign transfer documents.

Remember to budget for closing costs

Closing costs can vary widely by location, but you'll generally pay closing costs of 5% to 10% of the home's sales price. So, on a $300,000 home, you can expect to pay anywhere from $15,000 to $30,000 in closing costs. In most cases, these costs are deducted from your proceeds at closing.

Closing costs for sellers typically include:

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[naviga:li]The commission for the listing agent and buyer's agent[/naviga:li]

[naviga:li]Transfer taxes or recording fees[/naviga:li]

[naviga:li]Loan payoff costs[/naviga:li]

[naviga:li]Unpaid homeowner association dues[/naviga:li]

[naviga:li]Homeowner association dues included up to the settlement date[/naviga:li]

[naviga:li]Prorated property taxes[/naviga:li]

[naviga:li]Escrow, title, or attorney fees[/naviga:li]

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Cancel your homeowners insurance

You don't want to be without coverage (what if a pipe bursts?!) until the deal is legally finito.

Transfer utilities

Don't want to pay for the new owner's utility bills? Coordinate with the buyer so that utilities—including not only gas and electric but also water and cable—are transferred to the buyer on closing day.

Change your address

Setting up a forwarding address will also ensure that you can be reached if there are any post-closing matters. You can file a change of address with the U.S. Postal Service here.

Finally: Celebrate!

At last, your home is officially sold. Congratulations! Give yourself a pat on the back—and then start settling into your new phase of life.

For more information on how to safely and securely buy or sell a home, contact the Eastern CT Association of Realtors® at 860-892-2595 or visit www.easterctrealtors.com to find a Realtor®.