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.
- WHAT TO EXPECT -
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
CONGRATULATIONS ON SELLING YOUR HOME!