One of the most exciting days in the process of selling your home is closing, also known as settlement. On this day, the ownership of the home officially changes hands from you to the new buyer. In a previous article, we talked about the things you should do to prepare for closing on the sale of your home, but in this post we’d like to focus on the day itself and answer some questions about what you can expect—and what you should bring with you to make sure the day goes smoothly.
When does settlement happen?
Generally speaking, closing day occurs four to six weeks after the sale agreement is signed.
Where does it happen?
Closing could happen at the office of one of the third parties involved, like the mortgage lender or the title agent. This, however, is something you should talk to your licensed real estate agent about, as you may be able to sign all of the paperwork ahead of time and avoid going to the meeting all together.
What should you expect?
This is the last stage of the selling process, and by this point all of the negotiating is complete. Closing day is simply about signing the deed to the house over to the new owner, and seeing that money is properly exchanged so that the transaction can be completed. After closing day, the house officially belongs to the buyer.
What should you bring to closing?
If you are the seller, there isn’t a whole lot you have to bring to closing. As mentioned above, you may not even have to attend settlement in person if your real estate agent advises you can sign the necessary documents ahead of time. If you do personally go to the closing, you’ll want to make sure you have proper identification with you, as well as the keys to the home to hand over to the new owner.
While these are the standard requirements, it’s a good idea to have a conversation with your real estate agent in advance of closing to make sure there isn’t anything else you should bring with you. For example, if as part of the sale you agreed to make some repairs to your home, you might need to bring documentation with you proving that the repairs were done in accordance with your agreement.
Just like in every step of the process in selling your home, a trusted real estate agent can help you know what to expect, how to prepare, and how to successfully navigate your obligations to ensure that things go smoothly.
