Selling a home carries the same excitement as buying a new house, for many people. Though most sellers have less to do at closing when compared with buyers, it’s still important to ensure everything is in order to facilitate a smooth settlement process.
In the days and weeks leading up to your closing as a home seller, there are myriad tasks that must be completed. Here’s a checklist highlighting some of main responsibilities pertaining to a seller’s closing, to help make certain you’re ready for the big day:
• Prepare for home inspection.
• Inform your lender of your intent to sell.
• Request loan payoff amount from lender.
• Complete any necessary repairs (or negotiate these items with the buyer).
• Schedule cancellation date(s) with utility companies.
• Review the Closing Disclosure (CD) Form for accuracy.
What to Expect on Closing Day
Buyers and sellers usually have separate closings, and different responsibilities in terms of settlement costs. As the seller, your closing costs typically will include:
• Remaining mortgage balance
• Property taxes and HOA fees owed
• Agent’s commission on the sale
• Title fees and transfer taxes
• Seller concessions/other contract agreements
Make sure to bring the following items to your closing:
• Government-issued ID
• Keys, remotes and list of entry codes
• Certified check or wire instructions for payoff amount
• Wire transfer instructions for proceeds of sale
If you have any questions along the way, be sure to reach out to your real estate agent, lender and/or title company as soon as possible. The more prepared you are for your closing, the more efficient and streamlined the overall settlement process.
Need more information on what to expect at a seller’s closing? Reach out to the Linear Title & Escrow team today!