8 Tips for a Timely Closing When Selling Your Home
Congratulations your home is under contract and you’re on the road to closing, now what? In order to close on time with no hiccups you’ll want to make sure you’re prepared in advance. Don’t wait until the week of closing to hire a moving company or let your closing company know you won’t be in town the day of closing. Below we have put together 8 tips for a timely closing when selling your home.
Top 8 Tips for a Timely Closing
1. Mortgages and Lines of Equity
Do you have a mortgage and/or line of equity on your home? If so you will have to provide the contact information and account number for each account to your closing company so they can pay off all accounts in full at closing. This is something that should be done as soon as you go under contract.
2. Maintenance Contracts
Do you have any maintenance contracts on your home? If so you’ll want to find out what happens when you close. Can the maintenance contract be transferred to the buyer? Can you get a refund for any unused portion?
3. Permits
Did you make any changes during your ownership that required a permit? If so make sure you have the closed permits readily available. If you are not the original owner, did the previous owner make any changes that required a permit, if so was a permit opened and closed? While most closing companies will do a permit search it’s always best to make sure permits are closed ahead of time to avoid any possible delays.
4. Scheduling Movers
If you’re still residing in the property and need to move out do you have a moving plan in place? If not you’ll want to put a plan together immediately and decide if you’re going to move yourself or hire professional movers. Regardless of the route you choose don’t wait until the last minute to decide.
5. Marital Status
What’s your marital status? Will your spouse, ex-spouse or partner have to sign closing documents? Make sure all parties are aware of your marital status so there are no surprises and you have time to gather any necessary paperwork.
6. Required Signatures
Who needs to sign closing documents? Even if your spouse isn’t on the deed they may still have to sign closing documents.
7. Sale Proceeds
Where is your money going? Once you close you’ll have to decide how your proceeds will be distributed. Do you want a check, so you can deposit it into your bank account, or do you want the closing company to wire the funds into your bank account?
8. Closing Attendance
Will you be attending closing? If so find out if you’ll have to bring any documentation or identification with you. If you are unable to attend closing will you be doing a mail away or giving someone power of attorney? This decision should be made weeks prior to closing so the closing company can plan accordingly.
Final Thoughts
Selling a home can become overwhelming, but if you hire a top Realtor in your area they will be able to guide you through the entire selling process. However, just because you hire a Realtor doesn’t mean you won’t have tasks to do throughout the process, so make sure to be proactive and on top of things at all times, don’t wait until the last minute.
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Congratulations your home is under contract and you're on the road to closing, now what? Here are tips for a timely closing when selling your home. #homeselling #realestatePopular Home Selling Questions
How long does it take to sign closing papers for seller? The time it takes to sign closing papers as a seller can vary depending on various factors. Typically, the signing process can be completed in less than an hour, sometimes in less than 15 minutes. It ultimately depends on how many documents there are to sign and if the seller carefully reads through every single document. Some will just sign and others will read word for word which will certainly take longer.
When a house is sold who pays the closing costs? In a real estate transaction, the responsibility for paying the closing costs can be negotiable and may vary depending on local customs and agreements between the buyer and seller. Generally, the buyer and seller each have their own closing costs.
The buyer typically pays for items like loan origination fees, appraisal, credit report, title insurance, homeowners insurance, recording fees, escrows, and closing fees. While the seller is typically responsible for covering certain costs, such as the real estate commission, prorated property taxes, any outstanding liens or assessments on the property along with closing fees. It is essential for buyers and sellers to carefully review the terms of the purchase agreement to understand the specific allocation of closing costs in their transaction.
Can I sign closing documents early? Years ago signing closing documents early was generally not common practice in real estate transactions. However, times have definitely changed as technology has advanced.
Now, a majority of home sellers will pre-sign their closing documents prior to the actual closing date. If a buyer is paying cash for the property they can usually pre-sign as well. However, if the buyer is obtaining a mortgage they won’t be able to sign until all of the closing documents are sent by their lender, approved, and ready to be signed. This usually happens on the day of closing, sometimes a day or two beforehand.
What should a buyer bring to closing? When attending a closing as a buyer, it is essential to come prepared with certain documents and items. First and foremost, you should bring a valid form of identification, such as a driver’s license or passport, to verify your identity.
Additionally, it is advisable to bring a copy of the purchase agreement, as well as any other relevant documents related to the transaction, to reference during the closing if needed. Most closing companies no longer accept a cashier’s check at closing for their funds due, so bringing the wire transaction id number is wise in case the wire hasn’t arrived by closing time.
What should a seller bring to closing? As a seller attending a closing, it’s important to come prepared with certain documents and items. You’ll want to bring a valid form of identification, such as a driver’s license or passport, to verify your identity. It’s also advisable to bring copies of all relevant documents, including the sales contract, disclosures, and any necessary paperwork related to the property. Additionally, bring keys, garage door openers, and any other items specified in the sales agreement that need to be transferred to the buyer.
About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “8 Tips for a Timely Closing When Selling Your Homes”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.