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The Closing PDF Print E-mail
Selling a Home - Closing in on a Closing

Closing the transaction completes the deal. Most closings are completed with the help of a title company. The title company issues title insurance for the buyer and the lender. The title company researches the history of the title of the home. The buyer's attorney reviews the information.
The title company insures title in the buyer's name in the amount of the purchase price.

Sellers have little to do at a closing. If you sign all the documents ahead of time, your attorney or escrow agent could handle the rest for you. But you should be there in case anything goes awry. You should bring:

  • The deed.
  • The affidavit of title.
  • The bill of sale.
  • The no-lien affidavit.
  • An affidavit confirming your Social Security number, for IRS purposes.
  • The transfer declaration.
  • A paid receipt for real estate taxes.
  • All closing documents, if you are going FSBO.
  • House and mailbox keys and combinations to any locks on the property.
  • The garage door opener, if there is one.
  • The codes for the alarm, if a system is in place.
  • Your paid assessment letter.
  • Any documents necessary to clear title.
  • A survey, if required locally.
  • Paid water bills, building inspection forms, and proof of compliance with building ordinances, if required locally.
  • Transfer stamps, if required.

Be prepared to sign a lot of documents. Also, be prepared to pay closing costs. The costs can include the cost of the survey, broker's commission, attorney's fee, title insurance, the recorded release of mortgage, property transfer taxes, state capital gains tax, credit to the buyer of unpaid real estate taxes, FHA fees and costs, utility bills, certificate of compliance with building codes, and home inspections.

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