What Sellers Should Expect During Closing

Closing day is the final step in the home-selling process. While it is exciting, it also involves important paperwork and financial details that sellers should understand ahead of time.

1. Final Walkthrough

Before closing, the buyer typically completes a final walkthrough to confirm the home’s condition and ensure agreed-upon repairs were completed.

2. Reviewing the Settlement Statement

Sellers receive a closing disclosure or settlement statement outlining the final numbers, including the sale price, outstanding mortgage payoff, prorated taxes, and closing costs.

3. Signing Documents

At closing, sellers sign documents transferring ownership to the buyer. These may include the deed, affidavits, and other legal paperwork required by the title company.

4. Paying Off Existing Mortgage

If there is an outstanding loan on the property, it will be paid off directly from the sale proceeds.

5. Closing Costs

Seller closing costs may include agent commissions, title fees, transfer taxes, and prorated property taxes.

6. Receiving Proceeds

After all documents are signed and funds are verified, the seller receives the remaining proceeds, typically via wire transfer.

7. Handing Over Keys

Once the transaction is complete, keys, garage openers, and access codes are turned over to the buyer.

Closing is the final milestone in the selling journey. Understanding each step ensures a smooth process and allows you to transition confidently to your next chapter.