Closing day is a big deal! It's a culmination of all your hard work: getting your house ready to sell, going through the work of keeping it clean and staged for showings, and negotiating with your buyer. It's normal to be both excited and nervous about closing day, especially if you haven't closed on a property as the seller before.
Fortunately, things rarely go wrong on closing day, especially when you have our real estate agents guiding you through the process. Here is a rundown of everything you need to know about the big day.
- What to Bring with You
You're turning over the property to the buyer at the closing, so you'll need to bring everything they'll need, including keys and garage door openers. Also, provide any documents the buyer hasn't yet been given, such as required certificates, inspection reports, and documents showing any required repairs have been completed. You'll also need to bring your photo ID to sign the paperwork with the title company.
- Virtual Closings
Many title companies have switched to virtual closings in a post-pandemic era, plus as the seller, you might not have to attend the actual closing. If you sign the paperwork virtually or in advance of the closing date, you may need to have certain forms notarized, and of course, you'll have to arrange a time to drop off the keys.
- What Fees You'll Need to Pay
Other than paying off the mortgage, you will have other fees that must be paid on closing day. Of course, you'll need to pay the real estate agents plus property taxes and HOA fees. In addition, there are real estate transfer taxes and various other fees to pay. Some of these fees may be paid by the buyer in a seller's market, depending on what your real estate agent negotiated in the contract.
- The Closing Statement
Feeling overwhelmed by all the fees and taxes you'll pay? Don't worry. At the end of closing, just before everything is signed, you'll receive a closing statement, or settlement statement, that lists everything out for you. You'll have an opportunity to check this for accuracy before signing. This is also an important document you'll want to keep in your records, as it shows your net proceeds on closing day.
- What if the Closing Is Delayed or Canceled?
According to the National Association of Realtors®, a third of closings are delayed, so don't be surprised if it happens to you. Home inspection issues and appraisals are the most common causes of delay, but if those problems the sale will still go forward, just a little later than planned. Sometimes a buyer backs out entirely, however, whether it's due to the home inspection, appraisal, or funding issues.
- After the Closing
Unless you had another agreement with the buyer, you should be fully moved out of the house by closing day, with any agreed-upon work finished. Keep all your paperwork from the closing, especially until tax season, when you may need the information to prepare your tax return for the year.
Selling your home is a big process with many steps, but closing day will resolve all the loose ends. If you're anxious about closing day, don't worry! Your real estate agent will be by your side every step of the way. If you have more questions about the selling process, contact us today, and we'll help you get started.