Selling a home can feel overwhelming, but closing checklists for sellers can help you keep everything on track. From collecting documents to scheduling your final walkthrough, to coordinating with agents, lenders and buyers, it ensures a smoother, less stressful process.
Whether you’re selling your home in IA, Morgantown, WV, or Cedar Falls, Flagstaff, Arizona, this Redfin guide will explain a seller’s comprehensive closing checklist and explain why each step is important to completing a smooth and successful sale. ]
Pre-closure preparation
The best way to avoid something wrong on closing days is to prepare in advance. Create a seamless deadline foundation by considering contracts, repair completions, and document organization beforehand.
Check your purchase agreement
Carefully review your purchase agreement to ensure that details such as terminology, contingencies, deadlines, deadlines, items such as appliances and supplies are accurate and clearly understood.
Address test results
Addresses home inspection issues quickly by completing repairs, providing credits when closing, and negotiating sales prices. Being proactive will help keep transactions on track.
Schedule repairs and maintenance
Make sure the required repairs or maintenance are completed in advance to ensure that the home is in good condition for the buyer.
Collect the necessary documents
Collect key documents in advance to avoid last minute stress. This often includes deeds, recent title reports, mortgage payment statements, and guarantees for appliances, systems, or recent renovations.
Notify the utility provider
We will coordinate with your utility provider regarding your departure date. We will ensure that your account has been closed or transferred to avoid continuing billing after sale and to ensure that your purchaser has uninterrupted service upon registration.
Coordinate with the lender
If you have a mortgage, contact your lender in advance to request a payoff statement. This statement will provide a detailed explanation of the exact amount needed to close your loan, including interest before the deadline. Also inquire about potential advance penalties to prevent unexpected costs.
Final walkthrough preparation
By preparing for the final walkthrough and ensuring that the property meets buyer expectations, you can keep your sales on track. Use this checklist to move confidently towards closing days.
Make sure all agreed repairs are completed with proof of work from receipt. To prepare for move-in, thoroughly clean the properties. All personal belongings and trash should be removed from the house immediately. Leave items included in the sale, such as appliances, equipment, and outdoor equipment. Provides documentation and warranty for your appliance, system, or recent renovation. Reaffirm that an agreed upgrade or improvement (such as a new lighting fixture or appliance) is complete. Share alarm codes, smart home system instructions, and other access details with new buyers to ensure that the utility is functional and allow buyers to test it during their walkthrough. Lock all doors and windows properly to secure the properties.
Essentials for closing days
Closing is the moment everyone has been waiting for, so make sure you have everything you need to complete your deal with this closing checklist from the seller.
Providing the required identification: A government-issued ID in effect on the day of closure is required to prove validation. If you need multiple formats of IDs, check with your real estate agent. Confirm the closing disclosure. Reconfirm your selling prices, prorated taxes, concessions and closet closures. Sign the deed and other documents: Carefully review and sign the major closed documents. These may include affidavits, settlement statements and disclosure of property status. Access Item Delivery: Pass keys, garage door openers, gate pass, and remote control to new homeowners. Confirm transfer of funds: Check with your lender or title company how and when you will receive your revenue and keep details of your transfer on record. Check the record of your deed: Your closure investigator or attorney will submit the deed to the county for official transfer of title.
>>Read: Close seller’s document
Seller’s fees at closing
In addition to the remaining mortgage, sellers can usually expect to pay around 5-10% of the home’s selling price at closing costs. The general costs are as follows:
Real Estate Board (usually 3-6%) tax, utility, insurance escrow, property rights, attorneys’ fees, if necessary, HOA fees, if applicable
These are typical costs, but sales may include additional charges and documents. Your agent will guide you through what you need.
After paying off the loan and agent fees, you will receive a check of the remaining profits upon closing. If revenue is not enough to cover costs, you may need to bring in a check. Light your agent with the exact amount so that you can prepare your cashier’s check if necessary.
Action after closure
There are a few steps you need to take as a seller after closing date.
Homeowner Cancellation Insurance: Cancel the homeowner’s insurance once the sale is recorded. Keep copies of closed documents: Prepare key documents, such as payment statements and deeds, for tax and record-keeping purposes. Notify us of changes to your address: Update your address at USPS, banks and other related institutions. Transfer or Close Account: Close or forward a local utilities, subscriptions, or service account connected to a property. Final Financial Review: Make sure your mortgage, property taxes and other obligations are paid or compared correctly.
FAQ: Seller’s Closure Checklist
1. Do I need to attend the closing session in person or can I sign it remotely?
No, you don’t have to attend the closing session in person and you can sign it remotely. Make sure to ask your agent or close the lawyer about your options.
>>Read: Should sellers be present at the time of closing?
2. Who pays for closing costs when selling a house?
Closure costs are mostly paid by the buyer, but the seller may choose to cover some or all of these costs as part of the negotiation. However, there are disadvantages to sellers paying for closing costs, such as reducing net revenues and setting precedents for further concessions.
3. How long does the closure process usually take?
The entire closure process may take several business days to finalize, but the closing date itself does not take an hour.
4. What happens if the buyer’s funds collapse before they close?
If the buyer is unable to secure funds, the transaction may be delayed or cancelled, depending on the terms of the contract. In many cases, buyers will confiscate serious money deposits if they fail to meet the funding contingency.
5. Do you borrow taxes on the money you earn from selling your house?
While many homeowners qualify for the exemption, they may be subject to capital gains tax if your profit from sales of your home exceeds the IRS limit. Tracks sales costs, including agent fees, specific repairs, and closure fees. This is because it can reduce taxable profits.
