#TipTuesday: Closing the Sale

Closing the Sale

Congratulations! You’ve reached the final step of your home-selling journey: closing day. This is when all your hard work pays off, and ownership of the property officially transfers to the buyer. Let’s walk through what to expect and how to ensure a smooth closing process.

What Happens on Closing Day?

Closing day is filled with essential activities to finalize the sale, including:

• Document Signing: Both parties sign a variety of legal documents, including the deed, settlement statements, and loan paperwork.

• Payment Transfers: The buyer’s lender releases funds to cover the sale price and pay off your existing mortgage (if applicable).

• Key Handover: You’ll hand over keys, garage door openers, and any other necessary items.

Pro Tip: Double-check all documents for accuracy before signing.

What to Bring to Closing

To ensure a seamless experience, prepare these items:

• Government-Issued ID: Proof of identity is required for all signers.

• Deed to the Property: If applicable, bring the original deed or title.

• Utility Information: Provide final meter readings and confirm the transfer or cancellation of accounts.

• Settlement Statement: Review this document ahead of time to confirm all financial details are correct.

• Keys and Codes: Include all necessary items for the buyer, such as house keys, garage remotes, and security system codes.

Understanding Closing Costs

Closing costs are typically deducted from the sale proceeds. Common expenses include:

• Agent Commissions: Fees for both the buyer’s and seller’s agents.

• Title Insurance: Protects the buyer and lender from potential title disputes.

• Transfer Taxes: Fees for transferring property ownership.

• Escrow Fees: Covers the administrative costs of the transaction.

Pro Tip: Your agent will help you understand the breakdown of these costs.

What to Expect After Closing

Once closing is complete, here’s what happens next:

• Proceeds Distribution: The remaining balance after closing costs is wired to your account or provided via check.

• Mortgage Payoff: If you have an outstanding mortgage, the funds will be applied to the payoff amount.

• Buyer’s Final Walkthrough: The buyer typically completes a walkthrough to ensure the property is in the agreed-upon condition.

Pro Tip: Leave your home clean and move-in ready to make a positive impression.

Celebrate Your Success

Closing the sale of your home is a significant milestone. Take a moment to reflect on your achievement and the new chapter ahead. Whether you’re moving into a new home or pursuing other goals, this is your time to celebrate.

Call to Action

Ready to close the deal and start your next chapter? Let me guide you through the final steps of selling your home with ease and expertise. Contact me today at 507.381.8961 or email me at Angie@MankatoRealEstate.com.