If you’ve purchased a home, you know what it’s like to sit on the buyer’s side of the closing table. But how does the closing process differ for sellers? To provide an idea of what to expect at closing when selling your home, we’ve comprised a list of frequently asked questions and corresponding answers surrounding this process.
- Does the seller have to be present at closing? No, the seller does not. In fact, there are many situations where the seller has already moved to a new location and isn’t able to be present for the closing. There will still be paperwork that requires the signature of the seller, but this often can be completed prior to the closing date. The seller must sign the deed (transferring ownership of the property to the buyer) and other seller-specific documents before proceeds of the sale are released or balance of the loan is paid.
- Who represents the seller’s side of a transaction at closing? The seller and his/her real estate agent typically represent the seller at closing. If the seller is unable to attend the closing in person, he/she can sign sign a power of attorney, allowing the closing agent to act on his/ her behalf at settlement.
- How should a seller prepare for closing? The best way to ensure a smooth closing as a seller is to make certain the title company has correct information regarding the current mortgage and payoff amount. If a seller is non-local at the time of closing, he/she may agree to have the closing agent email the required documents to the seller, who can sign them in the presence of a notary and mail them back to the title agency.
- What can a seller expect to pay in closing fees? In general, seller closing fees typically total around one percent of the sales price and vary depending on title agency.
Have other questions about the closing process? Talk to the team at Linear Title & Escrow today!