When selling your home or property, it’s important to be aware of the closing process and what to expect. The closing date is the day that the sale of your home is finalized and the new owner takes possession of the property. Here are six things every home seller needs to keep in mind about closing.

1. Ensure Your Home Is Ready for Showing

As a home seller, it’s important to ensure your home is ready for showing before closing. Preparing your home for showing means taking care of any necessary repairs and staging it to make it look its best. There are other ways you can ready your home, including updating your décor, adding accents like fresh flowers or artwork, and cleaning it, and if your house is in much need of disinfection, contracting an emergency cleaning service might be in order.

Ensuring your home is clean and expectation ready is one of the smartest things to do before selling your home and can have several benefits, including helping you get your home sold more quickly and lessening the amount of stress involved in the home selling process.

2. Be Aware of Closing Costs

Before settling on the listing price for your property, it is of the essence to account for and budget for closing costs. Closing costs are usually a certain percentage of the selling price, which might vary depending on the location of the property you want to sell. As the homeowner, you will need to be prepared to pay these costs, either from your pocket or from the proceeds of the sale. Closing costs are categorized into either property or mortgage-related fees and might include title fees, commission for real estate agents, home inspection fees, taxes, and attorney fees.

3. Do Not Forget About the Closing Disclosure

While selling your property, it is essential to have a copy of the closing disclosure ready to be provided to the buyer. The closing disclosure is a document provided to the buyer and the seller near the end of the home buying process. It contains important information about the financial aspects of the purchase, such as the seller’s total costs and the buyer’s down payment.

The closing disclosure is also used to determine the property taxes owed on the home. The closing disclosure should be reviewed carefully by both the buyer and the seller to ensure that all of their questions have been answered. If discrepancies exist between what is on the disclosure and what was agreed to in the contract, you should resolve the discrepancy before closing.

4. Cancel Insurance Policies and Close Accounts

If your home insurance policy is not transferrable, consider calling your insurance company to have your subscription canceled. Also, consider canceling the utilities or the newspaper. All these actions will ensure the home’s new owner does not benefit from these subscriptions on your account. Furthermore, you can receive a refund for any prepaid bills or subscriptions.

5. Getting a Home Inspector

Get a home inspector before you list your home on the market for sale. It is especially important if you have any concerns about the structural integrity of your home. Having a home inspector perform an inspection before you list your home can ensure that any potential problems are identified and corrected before someone is seriously injured or the home is damaged.

A home inspector will also give you an accurate estimate of the repairs that will be necessary before your home is ready to sell. When you ensure everything is in check, closing your sale will be easy, and you can potentially close in on a good deal.

6. Hiring a Real Estate Agent

Hiring a realtor will come in handy to ensure the success of your sale. There are a few things to keep in mind when working with a real estate agent before listing your home. First, be sure to ask the agent about their experience and specialty. Enquiring such information will help you choose someone knowledgeable about the local area and can help you with your listing. If the matter goes beyond the average selling process, you might also want to consider hiring a lawyer.

Closing Thoughts
Closing is a very important process that helps finalize your home’s sale and ensure that both you and the buyer are satisfied with the transaction. Knowing what is necessary before closing will ensure everything is done on time, which will come in handy to ensure a smooth closing and a happy buyer.

6 Things Every Home Seller Needs to Know About Closing by Tracie Johnson