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Congrats on accepting an offer on your home! Now that we’re almost at the finish line, there are just a few steps left before we will finalize your home sale and purchase. Here’s a look at what you can expect during the closing process.

When can I expect to officially close?

Closing typically takes about 4 to 6 weeks once you and the buyer finalize an agreement. In the final week, you’ll close on your old home first and, within 5 business days, close on your new home.

What happens right after I accept an offer on my old home?

Once you and the buyer finalize your agreement, you’ll enter the buyer’s option/due diligence period. While you settle into your new home, Orchard will be working directly with the buyer as they conduct their inspection and appraisal of the property. Your Home Advisor will help negotiate any requests for repairs or concessions and keep you updated. If there are any changes, your Home Advisor may send over some amendments for you to sign.

How will my new home be transferred to my name?

First, you’ll need to get your home financing ready to go. Your Loan Officer from Orchard Home Loans or your chosen lender will request any remaining documents. Your mortgage company will also need details on your homeowner’s insurance for your new home.

Your title company or closing attorney will also be in touch with any additional documents they need to transfer the new home to your name. They’ll send over your title insurance policy for your review, so keep an eye out for that.

Three business days before you close on your new home, you’ll receive your final Closing Disclosure from your lender. This document outlines the terms of your mortgage, monthly payments, and exactly how much you’ll pay in fees at closing. Be sure to review it ahead of time and reach out to your Loan Officer with any questions.

How should I prepare for closing day?

  • Confirm with your Home Advisor and Escrow Officer where you’ll be meeting the notary or closing attorney, whether that’s in-person or virtually
  • Be sure to cancel the homeowners’ insurance and utilities on your old home
  • Don’t forget to bring your ID!

What exactly happens on each closing day?

On both closing days for your old home and new home, you’ll sign your closing package and ownership transfer documents. Your Escrow Officer will ensure that your home sale proceeds and any closing costs associated with the transaction are sent to the correct party.

What happens to the proceeds from my sale?

After you close on your old home and pay your remaining mortgage balance, closing costs, and Orchard’s fee, the money left over will go into an escrow account. That money will then go towards the purchase of your new home a few days later. Orchard Title will wire any remaining funds to you within two business days.

What costs are involved?

Your Home Advisor will have shared an estimate of closing costs for both your old and new homes. Closing fees are different for everyone, but they tend to be around 1.25% of your old home’s sale price and 3-5% of your new home’s purchase price. Your Escrow Officer will reach out to walk through exactly what costs to expect on closing day.

Any questions we didn’t cover?

Orchard is here to help! If you have any other questions or concerns about your closing, you can always reach out to your Home Advisor.

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