Closing the Sale
What to Expect
Closing the sale is when the funds and documents are transferred in order to transfer ownership of the property to the buyer. Between the escrow officer & the attorneys, they will review the contract and find out what payments are owed by who, prepare documents for closing, perform the closing, make sure all payoffs are completed, the buyer’s title is recorded, and that you receive payoffs that are due to you.
YOUR COSTS
Seller’s commonly pay:
- Mortgage balance & penalties if applicable
- Any claims against your property
- Unpaid assessments on your property
- Real estate agents, for payment of commission
- Title insurance policy
- Home warranty
WHAT TO BRING
A GOVERNMENT PICTURE ID
HOUSE KEYS
GARAGE DOOR OPENERS
MAILBOX AND ANY OTHER SPARE KEYS
AFTER CLOSING
Keep copies of the following for taxes:
- Copies of all closing documents
- All home improvement receipts
Closing Steps
TRANSFER FUNDS
The transfer of funds may include payoffs to:
- Seller’s mortgage company as well as any lien holders
- Local government, if any property taxes are due
- Third party service providers
- Any commissions
- Sellers, if there are ay proceeds from the sale of the home
TRANSFER DOCUMENTS
The transfer of documents may include:
- The deed to the house
- Certificate of Title, Bill of Sale, and other real estate-related documents
- Signed closing instructions and/or settlement statement
- Receipts (if needed) for completed repairs, per sales contract
TRANSFER PROPERTY
The transfer of property may include:
- Recording of the signed deed (completed by third-party) at the county courthouse
- Post-closing agreement, if seller will need to rent back home for a specified time frame
- Exchange of keys, garage door opener, security codes, and/or devices, appliance manuals, etc.
- Homeownership legally transfers to the new owner when the signed deed is recorded at the seller’s local county courthouse.
