You are at the last stage of selling a house and don’t know what to do on closing day? You might be worried about it. All the excitement and the anxiety are usual. Don’t worry if you have already managed to do the whole process; only a little is left to end. Some sellers also feel so worried because they will sell the house where they live for a long time.
Their emotional attachment makes the closing day also a big deal. The selling process takes effort to find a platform to sell a house like Flat fee mls realtor. If you make a single mistake, then all your effort could be wasted, and avoid it. Try to focus more on your work. Make sure that you seek the agent’s advice, and then you proceed with the final decision.
The closing process, as it sounds, is like closing your deal of selling. You have to deal with some signatures and make the sale. You will get your money for the house. But signing doesn’t mean the paper without understanding the terms and conditions.
First, you should know what you will sign and then make sure you agree on all the terms and conditions of signing the paper. Many documents are needed to sign by the seller and buyer, so sometimes you get confused about them. It is always best to choose the agent for the safe side or if you are selling for sale by the owner, try to hire an attorney for the closing.
Make sure to always get the information on the internet then sign the paper. Make sure to take your id card with you on the closing day and the keys and door and garage openers with you. You should also give all the necessary details to the buyer on closing days. It would be best if you shared security lock passwords to avoid any difficulty for the buyer.
To make the best of your day of closing, let’s take a detailed look at the process so you can do your best at the last part.
1) Disclosure document
The first paper you will sign will be of the disclosure in which the information about the price, how much you are going to sell the house is mentioned, closing cost, a final mortgage is mentioned, which means signing the paper tells you to agree on all these terms.
Once you sign the paper, there will be no change in the signing contract. The sale price will be the last, so that is a fundamental rule to read before you sign. Don’t get over-excited and take the agent with you who will help you to manage these.
2) Affidavit of title
The document is more profitable for the buyers in the sense of confirmation. If you sign these documents, it will mean that you are the rightful person for the property and property issue. The affidavit is confirmation that as a seller, it is your property. There is no one else who can demand the sale price. In any case of house issues, the buyer will only contact you. You will be held responsible for it.
3) Deed
It is the legal document that a seller will transfer the property to the buyer. The government will keep this document as a record, and you will give a copy to the buyer, which shows that you have sold the house to the new owner .The responsibility of the house will be transferred to the new owner. In case of any damage, the new owner will be responsible for that. The damage to the property will no longer be the concern of the seller.
4) Loan payoff document
It is a statement from your lender to describe the total and prepayment confirmation. The loan payoff will guarantee that there is no more payment that the seller needs to pay to anyone. The buyer can quickly move into the house. It helps the buyer to be more at ease. The loan payoff also enlists any penalties related to the house.
5) Closing statement
Last but not least, in the end, as a seller, you will write the previous closing statement, which shows that you are well aware of the selling price and will sign it.
The statement is an integral part of making sure there is no problem related to the sale price because, in the end, all the closing payments will be on the total sale price of the house. The price must be mentioned and must be checked by the seller.
Closing cost
It will be the last payment you will pay after it. You will have to pay nothing to anyone, all profit and sale price will be yours. The closing cost for the seller is 8-10% of the sale. It can be varied on many bases, like the state you sell the house, the agent you hire, the photographer you hire, the cost of the staging, and all that.
Closing cost includes the commission for the real estate agent of seller and buyer. You will pay 2.5 – 3 % to the seller agent, and as for the buyer agent, you have to pay the 2 – 2.5% of the total sale price. Then you have to pay the closing agent for the title search to confirm that you are the only holder of your property.
No one else can claim that. Its price is $150-400. Transfer tax in some states is charged in case of the property transfer and can be different to the different forms. The last comes to any payment left related to grocery security guards, gardener or any taxes you have to pay.
Last lines
All the details about the signing of the document are above mentioned. If you are going to close your house sale deal soon make sure to go through it. You can use them as a guide while selling the house. It will help you a lot.
