Updated: Oct 21, 2020
You’ve made the decision to sell your home, chosen a great realtor (like The Urban Dog Group of Coldwell Banker) to help you through the process, and someone has put in an offer. Getting your home under contract is the first step of the closing process. It’s an exciting time that might also feel a little scary or frustrating if you’re not sure what to expect, but having a caring realtor to walk you through the process and be your advocate can make all the difference.
When you’re selling a home, the closing process begins as soon as you sign the necessary paperwork to accept an offer on your house. The closing date is typically 30 to 60 days later, and on the day, the ownership of property will officially change hands.
In between the accepted offer and the closing date, several steps must be completed by the seller. Following the home inspection, the buyer could have a list of items for you to repair called the inspection resolution. These items must be fixed prior to closing day. You’ll also need to prove that the title is clean and without defects. Lastly, once you’ve moved your belongings out of the house, a final walkthrough will be scheduled to ensure that the home is in the same condition as it was when the offer was signed.
It’s no secret that dogs can sense when their owners feel stressed or anxious. As you’re preparing your house for closing day, be sure to give Fido a little extra love. Let him know that when you move to a new house and neighborhood, you’ll be with him every step of the way!
What to Expect on Closing Day
Because of precautions taken due to COVID-19, closing day looks a bit different right now. Typically scheduled in the office of a neutral third party, signings can be completed with only the buyers present. As the seller, your listing agent can help you sign the deed and any other needed documents ahead of time.
As a reminder, if you choose to attend the closing in-person, masks should always be worn. Sometimes, to further ensure proper social distancing, the closing will occur through a car window or even virtually. Talk to your realtor to determine what method works best for you.
While the exact documents for closing day vary state to state, some papers that might be ready for your review include:
The closing statement, which assesses and itemizes the money that is owed on closing day
The closing disclosure, which will only be signed if you have offered to pay any of the buyer’s fee for obtaining a loan
The affidavit of title, which is provided by the seller and stipulates that, as the owner, they have the right to sell the property
The property deed for the house, which is used to transfer ownership
The bill of sale, which lists any personal property you are leaving for or selling to the new owner
If you choose to attend the closing, you will need to bring two forms of government-issued identification with you. One should have your picture on it, like a driver’s license or passport, and the other one should have your name written on it, like a social security card or credit card. You will also need to have certain household items ready to give to the buyer. Make sure you leave all keys, garage door openers, passcodes, and other devices needed for the neighborhood or house with the new owner.
By the end of the closing day, the property title will be transferred from you, the seller, to the buyer. Then, the proceeds from the sale are sent to you by your mortgage company. After that, the closing process is complete, and the house officially belongs to its new owners!
How We Can Help
As your real estate agency, The Urban Dog Group promises to work closely with you to ensure that you fully understand your responsibilities during the closing process. We will keep you up to date on each step and will be available to answer any questions you may have.
If you’re in the market to purchase a new house or recently bought a home, don’t miss last month’s post, “Buying a Home? What Really Happens During the Closing Process.”