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Closing
At this point, as a seller, you are pretty much done…..simply
make the necessary repairs…..do whatever needs
to be done to vacate the premises. The buyer will have
an appraisal completed on the home, but in most cases,
the seller does not have to do anything. Also, the buyer
may ask for a copy of a survey if the seller happens
to have one….if you do not….the buyer may
have a survey completed on the property. This, too,
is usually a buyer's expense. Again, there is little,
if anything, that the seller needs to do for the survey.
Prior to closing, the buyer's will complete a walk
through. This is simply a chance for the buyers to review
the home and make sure all repairs have been made according
to the inspection repair request.
Also, prior to closing, you should receive a HUD statement
itemizing all costs associated with the transaction.
One item that may be of concern to you is the area of
taxes. In some areas, chances are you still owe taxes
on the property when it is turned over to the buyers.
Therefore, the taxes are withdrawn from your purchase
price and given to the buyers. The buyers then are responsible
for paying the taxes during the last tax period where
you occupied the home. Check with your Realtor to see
if you will owe any taxes at closing.
One other item is the deed…..got to have the deal.
Most of the time the information required from you for
the deed will be taken care of by the title or closing
agency. If the deed is not on file in the county records,
you may have to cough one up.
A few other costs associated with your closing will
be title insurance…..you have to provide clean
and clear title to the sellers. Title insurance basically
absorbs any costs associated with the transaction if
the buyer discovers a hole in the title. Usually, title
insurance is a shared expense between buyer and seller.
At closing you should also receive a check for your
home. If there is a mortgage to payoff, the amount may
be automatically deducted.
The final item that you may notice on a HUD statement
is the Realtor fees. These fees are according to the
commission agreed upon in your listing contract.
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