8 Items a Seller Should Expect to Happen at Closing
Such a big day filled with anticipation! You are going through your check list over and over again to make sure you haven’t forgotten anything. Preparation is the one thing that is sure to calm your anxieties. I put together a little blurb to help you prepare for what happens at 98% of closings.
1. When you arrive at the attorney’s office, the first thing the office administrator will ask for is a copy of your drivers license or any type of picture ID.
2. All the parties involved in the transaction: you, the buyer, listing and buyers agent will all be present with the attorney. Sometimes the buyers lender will show, but it’s not often.
3. The attorney will go through the settlement statement first, beginning with the buyer’s portion since the buyers side has the most entries. They’ll go through the sellers side, and clear up any questions, if any. The settlement statement will be circulated to get the attorney’s required six original copies signed.
4. Seller documents will include, but are not limited to: deed, owner affidavit and indemnity agreement, certification for no information reporting on the sale or exchange of a principle residence, 1099, itemization of origination and settlement services statement. These are uniform documents for the most part. You can google the title to get a look at the language if you would like. Most attorney’s are really good about getting the few seller documents signed and out of the way first. This allows the seller to bail early while the buyer is left to sign their stack of papers and confidentially discuss the terms of their new mortgage with the attorney.
5. During the settlement/close of escrow/closing, however you want to refer to it, buyer and seller are usually a little nervous, but amicable. The attorney will allow time for both parties to express well wishes & information… as-it-happens. As sellers, its always nice to say a few kind things about the neighbors, area resources, and highlight positives they would only know if they lived there. It makes the buyer feel good to get validation from another person of what a great decision it was to purchase your house.
6. After all the documents have been signed by both buyer and seller, the attorney will review them then send them to the buyers lender for review. With the lenders final approval that all documents were properly executed & evidence that the lender sent the wire, the attorney can record the deed at the courthouse (closes M-F @ 4:30pm).
7. Recordation seals the deal! You own the property until the deed is recorded, thus you are not required to turn keys over until recordation as you/your homeowners insurance is still responsible.
8. If you are receiving funds back back, I recommend you send ahead of time or bring to closing wiring instructions from your bank to give to the attorney. Its usually an extra $15, but you won’t have to worry about an excessive hold from your bank as you would when depositing a check.
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