Sellers Closing Day in The Woodlands should be a day of joy (stress free)!!!
I know that you will have your hands full with packing and the many details of moving.
You can count on me and my team to stay in close touch with all parties to prevent problems from arising, or reorganize if delays do occur.
Finalizing the closing requires close coordination between buyer, seller, title company, mortgage company and movers.
My team will work to make sure you that you have a smooth move!
To insure that you have a stress free closing, it is best to know what to be prepared for:
Utility Accounts
- About 5 days before closing it will be necessary to call your utility accounts and request a termination of service on the closing date.
- We will pass this along to the buyers so they can set up their service on the same date.
- Don't forget to terminate your property insurance after closing!
Loan Payoff
- Prior to closing we will need your current mortgage information.
- The title company will call for payoff information, and make the payoff of your loan(s) after they receive funds from the buyer.
- Usually there are an extra few days included in the payoff to allow time for processing. Any overpayment will be refunded to you by the loan company.
Tax Prorations
- Your share of the current year's taxes will be credited on the closing statement to the buyer from your proceeds of closing.
- If you have an escrow account for taxes and insurance, this will be refunded to you in its entirety several weeks after closing.
What are typical seller's closing costs?
- Title Policy - Based on sales price. (Here is a title policy calculator to figure the owners policy.)
- Real Estate Commission - Per your listing agreement.
- Attorney Fees - For preparation of deed and release of liens - ($200)
- Escrow Fee - Title company fee for closing - ($200)
- Recording Fees - ($100)
- Tax Certificates - ($35)
- Courier - ($50)
- FHA (seller's portion) - Only if buyer is getting an FHA loan - (+- $500)
- 1st Lien Payoff - Check loan balance
- 2nd Lien Payoff - Check loan balance.
- Final Months Interest - Monthly mortgage payments are for the month past. At closing you pay the interest from 1st of month to closing date. (FHA loans charge a whole month.)
- Current Year Taxes - You must pay your share at closing - from Jan. 1 to closing date. Your escrow account will not be tapped for these funds. It will be wholly refunded after closing.
- HOA Dues - Any outstanding dues up to closing date must be paid. (If you have paid in advance, you will receive a credit.)
- HOA Package - This is for subdivision info provided to buyer. (Cost varies from $0 - $250)
- Home Service Contract - If agreed in contract. (usual range is $350 - 525)
- Buyers Closing Costs - If agreed in contract.
Signing Documents
- A day or two before closing, the title company will prepare a statement showing your charges, credits and final proceeds. I will review this with you prior to attending closing.
- After documents are signed, the closer must fax them to the lender for review. Funding of the loan may take place several hours later.
- You may choose to have funds wired to your bank, have your check delivered to you, or return to pick it up.
- Normally, the buyer receives keys and possession to your house upon funding of the loan.
- The buyer and seller do not have to attend together, although many do. Sometimes sellers sign documents several days before the closing date, if this is more convenient.
- It is also possible for buyers or sellers to receive documents by overnight express and sign before a notary in another state.
- Or, one spouse may get "power of attorney" to sign for the other. The goal is to make the process as convenient for the parties as possible
Looking to buy a house or sell your home? Contact Pippa MAC, your ReMax REALTOR for more information on homes for sale in The Woodlands, Spring and Houston, TX.
