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What Happens After the Closing Process?

You’ve signed the papers on closing day and officially sold your home. Now what? The closing process can be confusing, and just because the house no longer belongs to you doesn’t mean you won’t have additional questions or concerns. For sellers, here’s what happens after the closing process ends.

What to Expect After Closing Day

First and foremost, you need to ensure that you receive proper payment from the sale. Be sure to bring wire transfer instructions from your bank with you on closing day. The mortgage or title company will transfer the money owed to you after both the sellers and the buyers have signed all the necessary paperwork. As long as the closing day is Monday through Thursday, you should see the money in your bank account within 24 hours. If you signed the papers on Friday, particularly Friday afternoon, you may have to wait until the following Monday (the next business day) to receive payment. For more information about what happens during the closing process, including important financial information, please read our recent blog post: Selling a Home? What Really Happens During the Closing Process.

Of course, you also need a new place to live. Ideally, you would purchase a house while navigating the closing process of your previous home. If that’s not financially possible, do your best to anticipate your needs and next steps. Research the market to determine where you want to live (either a general area, city, or neighborhood) and what type of home you want to buy. Remember that a great realtor (like The Urban Dog Group of Coldwell Banker) can help you as you sell or buy a house!

If you are closing on another home that will be your primary residence, you should also consider your state’s homestead exemptions, a powerful tool that reduces the tax burden on homeowners. For instance, in Florida, it’s based on your home’s assessed value and can reduce the taxable value of your home by as much as 50,000 dollars. To be eligible in the Sunshine State, you must own and occupy your home as a permanent residence on January 1. The deadline to file is typically early to mid-March with late filing permitted through early September.

Just because the closing process is over doesn’t mean all contact with your realtor should cease. Reach out with any follow-up questions. Even if you’ve already found your next home, you should stay in touch whenever you decide to move again. Working with a realtor who knows you and has already seen you through one move is always easier than starting from scratch!

Selling Your Home + Moving with a Pet

Of course, leaving a current home comes with changes for people and pets alike, and The Urban Dog Group is here to help! As you pack up your things, be sure to keep their bed, a few favorite toys, and food and water bowls easily accessible. Having these items will create a sense of familiarity and help them feel comfortable as you get settled somewhere new or spend some time in a temporary spot.

If your dog is especially young or old, pay close attention to any changes in their behavior. A puppy may start chewing again (even if the habit has long been broken) as a way to “get to know” their new home. An older dog may exhibit signs of stress and anxiety, as any change to their daily lives is particularly hard for them. Show them extra love with lots of outside time, cuddles, and treats.

As your real estate agency, The Urban Dog Group promises to work closely with you to ensure that you fully understand your responsibilities before, during, and after the closing process. Please contact us with any questions you may have!

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