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Sellers: What to Expect on Closing Day
You've finished negotiations and accepted an offer for your Rockford home for sale. Congratulations!
Accepting an offer on your home is a huge deal. It marks the end of an emotionally painstaking process and allows you to begin the next stage of your life. That said, closing day is an even bigger deal. At this point, you'll officially transfer ownership to the buyer and receive your proceeds from the sale.
When you partner with our real estate agents, closing is an easy, streamlined process for you as the seller. But there are still a few things you need to take care of.
Final Walk-Through
A final walk-through is an opportunity for the homebuyer to visit and assess the property to ensure it's still in the same condition it was when they first agreed to buy it. It's usually scheduled about 24 hours before closing.
In most cases, few, if any, problems arise at this stage of the transactions. Even so, you must have moved out and completed agreed-upon repairs at this point. You should do a few other things to ensure the walk-through proceeds smoothly.
- Clean the house – moving out can be messy with all the purging and packing. Be sure to do one final sweep-through for the new buyers.
- Leave owner's manuals & warranties you have for home appliances.
- Provide a vendor list of home contractors and maintenance companies you've used in the past to make life a little easier for the new owners.
- Turn off the house's main shutoff valve – the last situation you'd want before closing is a flooded house.
- Lock up – you're responsible for the house up until the moment settlement is completed, which means you'd be liable if there were to be a break-in.
Pay for Seller's Closing Costs
Closing costs are the fees and expenses you and the buyers will pay on closing day. As the seller, your closing costs are fewer, but you can expect to cater for:
- Transfer taxes or recording fees
- Unpaid homeowner association dues
- Prorated property taxes
- Commission for the listing agent
- Escrow, title, or attorney fees
Generally speaking, the closing costs are deducted from your proceeds at closing. However, you can bring a cashier's check or proof of wire transfer if you don't want the funds deducted from the sales price.
Transfer Ownership of Your House
There are a few documents you'll have to sign to transfer ownership. These include:
- The Affidavit of Title that states you have the right to sell the property. This document also indicates any and all legal issues with the property.
- The Bill of Sale that indicates the personal property you're leaving the buyer.
- The Closing Statement that itemizes all the monies owed.
- The Deed that is used to transfer ownership.
- The Closing Disclosure that describes the critical aspects of the mortgage loan and any fees you're responsible for. Note that you must receive this document no later than three days before closing for review.
Items to Bring to Closing
At closing, you should have:
- A government-issued photo ID
- Keys, codes, and remotes to the home
- Any outstanding documents required by the buyer or your agent
- A copy of the ratified sales contract
Pro Tip: Remember to transfer utilities to the buyers on closing day. Not unless you want to keep paying for gas, water, and cable at your old abode.
Finally: Celebrate!
Selling your house is a momentous occasion. Make sure to enjoy the moment, no matter how emotional it is.
Are you looking to sell your home? Contact us for any questions or concerns you might have about the process. We'd love to help you out.