The closing process finalizes the legal transfer of your home and completes the financial transaction.
ITEMS TO BRING TO CLOSING
- Government issued picture identification
- Black voided check or certified funds
WHAT CAN YOU EXPECT?The title company escrow officer has examined the closing documents and prepared the settlement statement (HUD-1). She or he will ensure that taxes, broker professional fees, and other closing costs are paid, that the buyer’s title is recorded, and that you receive any monies due you.
WHAT ARE YOUR COSTS?Sellers commonly pay the following at closing:
- Mortgage balance and prepayment penalties, if applicable
- Other claims against your property, such as unpaid property taxes or HOA dues
- Real estate broker professional fees and title insurance premiums
- Title company, legal, and lender processing fees
AFTER THE CLOSING, MAKE SURE YOU KEEP THE FOLLOWING FOR TAX PURPOSES:
- Copies of all closing documents
- All home improvement receipts on the home you sold