Selling a Home - Closing Title

Closing Title

It's almost finished. The preparations are all complete -
now it's time to finalize the sale.

Check with your attorney or escrow agent a day or two
before the closing date to confirm that everything is on
schedule. Remind the attorney or agent to complete the
closing statements and other documentation in advance -
this may seem obvious, but closings often become
protracted affairs because the professionals are unprepared.

Have Your Paperwork Available

Bring all of your documentation to the closing in case you
need something at the last minute. Your closing file should
include the contract, receipts for any repairs made, and
copies of all correspondence relating to the purchase.

Understand the Closing Documents

Review the closing statement (HUD-1) and other documents
beforehand so you understand the purpose of each. Your
primary documents are the closing statement, the deed, and
the mortgage cancellation paperwork.

Deal With Any Problems

Closings frequently proceed without a hitch, but problems
are not uncommon. Don't panic if the closing hits a snag -
most issues can be resolved by simple means, such as
escrowing funds to cover a contingency or unfinished repair.
Even if the closing has to be postponed, don't overreact -
chances are the matter can be resolved in a few days.

Execute the Documents

At this point the parties should execute the closing
statements and other documents - and you will then sign
over the deed. Congratulations, you've just sold your house!

Give Keys and Documents to the Buyer

You should have the keys available to give to the buyer at
the closing. Additionally, you should provide all warranties,
repair records, etc. pertaining to the house - either bring
these to the closing or leave them in an accessible location
in the house.