Negative Reports: Occasionally a negative report is received indicating that a termite infestation has been found, or worse than that, a wood-boring beetle infestation. Your contract may cover only certain types of pests. If you have a subterranean termite infestation, then a ground treatment is done, which might involve boring holes in the slab. If you have a dry wood or boring beetle infestation, then your home may have to be tented. This can run from $2,000 to $5,000. Wood Rot: If the property is cited for wood decay (and expect this to happen in at least 50% of all deals), then the lender will either require that the repairs be done, or they may send out an inspector to determine whether the wood decay has caused any structural damage. If the inspection determines the wood rot to be cosmetic only, then you might not have to do anything about it. Most wood decay problems are not very expensive to correct. 11. Moving Logistics: If you have not done so already, within the last 10 days before the scheduled closing date, you should notify your utilities and services companies—electric, heat, water, phone/Internet/TV, lawn maintenance, homeowner’s insurance, etc.—that you will be terminating service for the day of closing. If you are moving out before the closing date, leave your utilities on until the day of closing. This is important, in case repairs are required, for pest treatment, and for final inspections and walkthrough. 12. Occupancy Logistics: Unless your contract specified a date different from the closing date for the buyer to take occupancy, you will be expected to turn over the keys to the buyer at the closing.
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