Closing with Orchard

Congrats on finding your new home! Now that we’re almost at the finish line, there are just a few steps left before we will finalize your home purchase and sale. Here are some common questions we hear from customers about the closing process:

When can I expect to officially close?

Closing typically takes about 4 to 6 weeks once we finalize the agreement with the buyer. While you focus on your new home, we’ll be hard at work behind the scenes those first few weeks.

You may not hear from us every day, but you can always reach out with any questions.

How should I prepare for closing?

As you pack up and prepare to move, there are a few things you’ll want to keep in mind:

1. Confirm the date you’ll move out with your Home Advisor or Listing Agent if you haven’t already. Our team will immediately start preparing your home for listing to ensure you get top dollar.

2. Remember to set up your new home’s utilities (water, electric, gas, sewer, trash, etc.) in time for your move-in date. When it comes to your old home’s utilities, Orchard will take care of everything. We’ll transfer your old home’s utilities over to us, just in time for your closing date.

3. Be sure to remove all your belongings and any trash, leaving the house in “broom clean” condition.

4. Change your mailing address with the US Postal Service to your new home. It’s easy to forget this or plan to update later, but the sooner you do this the better. Some common updates include: credit cards statements, phone or wireless statements, newspapers & magazines, subscription services (Amazon, pharmacies, Birchbox) and don’t forget to tell your loved ones.

What exactly happens on each closing day?

Once your closing date is set for your new home, Orchard will confirm your closing date for your old home. Closing and selling your old home to Orchard usually takes place two business days before you close on your new home.

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 for the purchase of your new home.

What happens to the proceeds from the home sale?

After we close on your old home with your final buyer, any additional proceeds minus Orchard’s fee will be wired to you by Orchard Title 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 2-5% 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.