closing 101 everything you need to know
what to expect
The attorney 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 money due to you.
Closing Table
Congratulations!
Time To Celebrate!
the closing process finalizes the sale of your home and makes everything official. also known as settlement, the closing is when you get paid and the buyer receives the deed to your home.
Prior to closing, you should notify your utility companies of your move. Your home should be in “broom-swept” condition and buyers will complete a final walk through to confirm there are no outstanding items.
What to bring to closing
Your attorney may advise you to bring additional documents to the closing, but you will not need much!
- A valid government issued photo ID
- Leave all extra keys and garage door openers inside the house and notify your realtor of there whereabouts.
- The buyer’s agent will supply the buyers with a key to your home after the closing.
Your Costs
- Mortgage balance and prepayment penalties, if applicable
- Other claims against your property, such as current or past due unpaid property taxes
- Unpaid special assessments on your property (if applicable)
- Attorney Fees
- Home warranty (if applicable)
- Homeowners Insurance
- Home Owners Association fees (if applicable)
- Agent commission (if applicable)
