- SELLING RESOURCES -

Closing






Traditional closings usually take place at the title or escrow company, but can sometimes take place at an attorney’s office. However, the title service recommended by YELLOW provides remote closings, so you may not have to travel anywhere to close.


ADDITIONAL RESOURCES






- WHAT TO EXPECT -

At the closing, the lender “funds” the loan with a cashier’s check, draft, or wire to the closing agent who disburses funds in exchange for the title to the property. This is where the transfer of ownership officially occurs and the buyer receives possession of the property.

As the seller, do you need to attend the closing?

Usually not. Closing for sellers is much less stressful than for buyers – all you need to do is pre-sign the paperwork and have the funds from the sale wired to a bank account.

Remember that the fees and taxes for the seller are 2-4% of the sale price. These closing costs are deducted from the profits made on the sale of the home and paid at closing, so you will only need to bring funds to closing if you don’t have enough equity in the home to cover these costs.


WHAT TO EXPECT

Sign documents: At the closing appointment you’ll sign all the legal documents related to the sale of your property.

Hand over keys: The keys are handed over to the buyer and you will have now vacated the premises.

Close escrow: This last step is handled by the escrow agent, where they will transfer the deed for the home to the new owner (or their lender), pay off your remaining mortgage balance, pay all closing costs, and turn over your profit.


WHAT TO HAVE AT CLOSING

  • Photo ID
  • Outstanding documents or paperwork for the title company
  • Certified or cashier's check for closing costs that aren’t being deducted from the sales price. This amount was on the HUD-1 form you will receive.
  • Keys to home, garage door openers, mailbox, and lock codes

ADDITIONAL RESOURCES


CONGRATULATIONS ON SELLING YOUR HOME!








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