What To Expect At Closing As A Seller

Selling your home is a significant milestone, and as you approach the finish line, you'll encounter a crucial step in the process known as "closing." This is the point at which ownership of the property officially transfers from you, the seller, to the buyer. While the specifics of closing can vary depending on your location and the terms of your sale, there are some common elements you can expect as a seller.

The Closing Date and Location

The first thing to know is the date and location of the closing. Typically, this information is specified in the purchase agreement and is agreed upon by both parties. Closings often take place at the office of an escrow agent, title company, or an attorney's office. Make sure you have this information well in advance to plan accordingly.

Final Walk-Through

Before the actual closing, the buyer will likely request a final walk-through of the property. This is usually done a day or two before closing to ensure that the property is in the agreed-upon condition. It's your responsibility to ensure that the property is clean and all agreed-upon repairs have been made.

Reviewing Closing Documents

Payment of Closing Costs

As the seller, you'll be responsible for certain closing costs. These can include real estate agent commissions, transfer taxes, title insurance fees, and other miscellaneous expenses. The exact costs can vary, so it's important to understand what you'll be expected to pay and to have the necessary funds ready.

Payoff of Outstanding Mortgage

If you have an outstanding mortgage on the property, your lender will need to be paid off before the property can be transferred to the buyer. The amount needed to pay off the mortgage should be outlined in the closing statement.

Signing the Deed

One of the most critical steps in closing is signing the deed. This document transfers ownership of the property to the buyer. Depending on your location, this may be a warranty deed, quitclaim deed, or another type of deed. Be sure to sign it in the presence of a notary public.

Handing Over Keys and Possession

At the closing, you'll need to provide the keys and access to the property to the buyer. This typically happens after all the documents are signed and the funds have been disbursed. Be prepared to hand over any garage door openers, security codes, and any other items that provide access to the property.

Disbursement of Funds

Once all parties have signed the necessary documents, the closing agent or attorney will disburse the funds. This includes paying off your mortgage, covering closing costs, and issuing you a check for the proceeds from the sale. Keep in mind that it may take a few days for these funds to clear, so don't plan to use them immediately.

Post-Closing Details

After the closing, there are a few loose ends to tie up. You'll want to cancel your homeowner's insurance, utilities, and any other services associated with the property. Also, ensure that you've provided your forwarding address to the buyer or their agent so they can forward any mail or packages that may arrive after the sale.

In conclusion, closing as a seller is the culmination of your home-selling journey. It's a step that involves paperwork, financial transactions, and the final transfer of ownership. Being well-prepared, reviewing all documents carefully, and working closely with your real estate agent or attorney can help ensure a smooth and successful closing process. Once it's complete, you can celebrate the successful sale of your home and move forward with your future plans.

Simmi Kher

Real Estate Broker

Simmi Real Estate

Email: simmi@simmirealestate.com

*Cell: 425-324-6466 (Feel free to text or call)