17 May Closing Day: What Sellers Should Expect
Accepting an offer on your home is huge – closing on the house sale is even bigger. Learn about what exactly to expect during your closing and tips to make sure it is successful before you hand over the keys.
Closing is the process in which the home’s title is legally transferred from seller to buyer, and payment is transferred to the seller. For the seller — it’s also the time that they’ll pay off any remaining home loans, taxes, as well as anyone involved in selling the house.
On closing day the seller will need to bring:
- Keys, codes, and remotes to the home
- 2 forms of identification including a driver’s license or passport
- Certified funds (cashier’s check) or wiring instructions for closing costs and repair credits. A sellers’ closing costs often include things like loan payoff costs, transfer taxes, title insurance fees, liens against the property, and agent commission
- A personal checkbook for incidentals
- Any outstanding documents the agent still needs
The Affidavit of Title shows that the seller has the right to sell the property and also states any legal issues with the property.
The Bill of Sale shows all the personal property that the seller is leaving the buyer.
The Closing Disclosure shows the loan costs and other fees no later than 3 days before closing for review.
The Closing Statement itemizes all the money owed.
The Deed is used to transfer ownership.
The buyer and seller have the option to close at different times, even closing with different title companies. At the closing it will be you, often the lender will attend, and your Hermann London agent will generally attend.
After the seller receives the money from the sale of their home, the seller will need to request the payoff amount from their lender. The seller can then pay off the lender or send the funds to the home escrow fund of the new house they are moving into.