Closing 101
The closing process finalizes the sale of your house and makes everything official. Also known as settlement, closing is when you get paid and the buyer receives the deed to your home.
A FEW THINGS TO BRING TO CLOSING
- A valid government-issued picture ID
- House keys
- Garage door opener(s)
- Mailbox and any other spare keys
WHAT TO EXPECT
The attorney and title company closer will look over the purchase contract and identify what payments are owed and by whom; prepare documents for the closing; conduct the closing; make sure taxes, title searches, real estate commissions, and other closing costs are paid; ensure that the buyer’s title is recorded; and ensure that you receive any monies due to you.
YOUR COSTS
- Seller’s commonly pay the following at closing:
- Mortgage balance and prepayment penalties, if applicable
- Other claims against your property, such as unpaid property taxes
- Unpaid special assessments on your property
- Real estate marketing fee
- Title insurance policy
- County and state tax stamps
AFTER CLOSING, MAKE SURE YOU KEEP THE FOLLOWING FOR TAX PURPOSES:
- Copies of all closing documents
- All home improvement receipts on the home you sold
