What should I do before the closing?
Before the closing day, you’ll need to:
- Take care of repairs required by the contract.
- Keep all receipts and invoices and before-and-after photos of repairs.
- Gather all appliance manuals and warranties for your buyers.
- Hire a mover.
- Transfer all utilities out of your name for the day after you move.
- Change your address.
- Review all settlement documents, especially the settlement statement.
- Clean the house.
- Prepare for the buyers’ final walk-through
What can I expect when closing?
Sellers may or may not attend the closing, so you should consult your agent and attorney to decide what’s best. You can sign all documents before the official closing. Sellers’ expenses, which are deducted from the proceeds of the sale, include:
- Final balance on your mortgage
- Real estate commissions
- Prorated property taxes, utility bills, homeowner’s insurance, and homeowners association dues
If you can’t move before the closing, you’ll need to arrange a rentback from the buyers. Your agent can help you complete appropriate paperwork for post posession. If you are moving, the buyers will do a walk-through of your home within 24 hours before the closing to check that the property is in good condition. If the buyers find something that needs to be fixed, your agent can help you decide how to handle it. Whether or not you attend the closing, you’ll need to provide house keys to your buyers, along with all alarm codes, remote controls for the garage, and mailbox or gate keys.
What’s next?
After the closing, you’ll:
- Receive the proceeds from the sale, usually by wire transfer.
- Cancel your homeowner’s insurance “post-close” – to make sure you’re covered on that day.
- Save your closing documents and home improvement records for taxes.
Congratulations!you’ve successfully sold your home.