Closing on your Home: What the seller should expect

You just received word from you agent that the nice couple who visited your home two Sundays ago has signed the offer-to-purchase contract and will soon be remitting full payment for your property. Aside from preparing to vacate your home, what other things should you, as a seller, prepare for?First, you may have to contact your title attorney and ask that a marketable title be sent to you. Next, call your real estate agent and if the buyer wants to come over for any additional inspections. If the buyer requests for repairs, proof that these have been attended to must be presented before the home could be turned over. Arrange too that all utilities be canceled or be transferred to the new owner on the day that you move out.Request too, for a copy of the settlement statement and review all the details. Make sure that you understand everything and know how the money and legal papers are going to be moving.

Though laws concerning real estate laws vary from state to state, the procedures during closing, especially on the day itself, remain basically the same. In a nutshell, you receive the purchase price, and the buyer receives the marketable title. In addition to this, the agent will inform both parties of any money owed by both to the other (taxes, remainder of down payment, etc). These, as well as other professional fees and taxes are to be settled during closing. Once all these have been accomplished, the settlement statement shall be given to both you and the buyer. The highlight of the day is when you receive the check or money that covers the cost of the house and when you hand over the title of the house to its new owner.

When this is done, the only thing you, as a seller (and former home owner) can do is to quietly step outside and close the door gently behind you. It’s time to let the new owner appreciate his new home.

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