Essential Steps for Sellers as Closing Approaches

From final preparations to celebrating the sale, here's a streamlined guide to help sellers navigate the closing process effectively.

Wrapping Things Up Before Closing

You’ve secured a buyer, addressed any repair agreements, and are ready to hand over the keys. But before the sale is official, there are a few important steps to tackle.

Closing: The Last Step in the Process

Closing marks the official transfer of ownership from seller to buyer. This stage involves signing documents, finalizing financial details, and completing legal obligations. Typically, this occurs 4–6 weeks after the purchase agreement is signed, during which contingencies, like inspections and appraisals, are addressed.

During this time, funds are held in escrow by a neutral third party until all conditions are met. Your agent will guide you through each stage to ensure a seamless experience.

Preparing for the Final Walk-Through

Buyers usually conduct a final walk-through of the property within 24 hours of closing to confirm the agreed-upon conditions are met. Here's how to prepare:

Clean Thoroughly: Ensure the home is spotless and ready for its new occupants.
Leave Essential Documents: Provide manuals, warranties, and contractor information to assist the new owner.
Check for Leftover Items: Remove personal belongings but consider leaving touch-up paint if the buyer agrees.
Secure the Property: Lock windows and doors to protect the property until ownership transfers.

If the walk-through reveals an issue, buyers typically notify their agent, who collaborates with your agent to resolve it, possibly through negotiations or adjustments to the agreement.

Reviewing Financial Details

Ahead of closing, sellers and buyers receive detailed disclosures of all financial aspects. The buyer’s lender provides a Closing Disclosure (CD) outlining final loan terms and fees. You’ll also receive an itemized breakdown of your own closing costs, which may include:

Agent commissions
Prorated property taxes
Loan payoff amounts
Transfer taxes or recording fees

Who’s Involved at Closing?

The closing typically happens at a title company, law office, or real estate agency. Key attendees include:

The buyer and their agent
The seller and their agent
Title company representatives
Attorneys, if required by your state

What to Bring to Closing

To ensure a smooth process, make sure to bring:

A government-issued ID
The sales agreement
All keys, remotes, and access codes for the property
Proof of any closing costs, if required

Post-Closing Must-Dos

After the paperwork is signed and the sale is finalized, don’t forget to:

Transfer Utilities: Coordinate with the buyer to ensure utilities are transferred to their name.
Update Your Address: Set up mail forwarding and notify relevant parties of your new address.

Time to Celebrate!

With the deal officially closed, you’ve successfully sold your home. Take a moment to appreciate your hard work and embrace the exciting new chapter ahead.