Page 32 - Seller Consultation Booklet 2022

CLOSING THE SALE
what to expect

Closing is when funds and documents are transferred in order to transfer ownership of the property to the buyer. The
escrow officer will look over the contract and find out what payments are owed by who, prepare documents for
closing, perform the closing, make sure all payoffs are completed, the buyer’s title is recorded, and that you receive
payoffs that are due to you.

1. TRANSFER FUNDS YOUR COSTS
The transfer of funds may include payoffs to:
• Seller’s mortgage company as well as any Seller’s commonly pay:
lien holders • Mortgage balance & penalties
• Local government, if any property taxes are if applicable
due • Any claims against your property
• Third-party service providers • Unpaid assessments on your
• Real estate agents, for payment of property
commission • Real estate agents, for payment of
• Sellers, if any there are any proceeds from commission
the sale of the home • Title insurance policy
• Home warranty
2. TRANSFER DOCUMENTS
The transfer of documents may include:
• The deed to the house
• Certificate of Title, Bill of Sale, and other WHAT TO BRING
real estate-related documents
• Signed closing instructions and/or Sellers need to bring to closing:
settlement statement (HUD 1) • A government picture ID
• Receipts (if needed) for completed repairs, • House keys
per sales contract • Garage door openers
• Mailbox and any other spare keys
3. TRANSFER PROPERTY
The transfer of property may include:
• Recording of the signed deed (completed
by third-party) at county courthouse AFTER CLOSING
• Post-closing agreement, if seller will need
to rent back home for specified time frame Keep copies of the following for taxes:
• Exchange of keys, garage door opener,
security codes and/or devices, appliance • Copies of all closing documents
manuals, etc. • All home improvement receipts
• Homeownership legally transfers to the new
owner when the signed deed is recorded at the
seller's local county courthouse.