The Final Steps for Real Estate Sellers: Preparing for the Close of Escrow
Selling a home involves several important steps, but the most critical phase is the close of escrow process. This final stage ensures that all contractual obligations are met, funds are transferred, and ownership is legally handed over to the buyer. Understanding what to expect can help sellers navigate this process smoothly and avoid last-minute delays.
1. Reviewing Closing Documents
As the close of escrow approaches, sellers will receive several important documents, including:
- The Closing Disclosure – A breakdown of the final financial terms, including proceeds from the sale and any deductions.
- The Deed – A legal document transferring ownership to the buyer.
- Bill of Sale and Affidavit of Title – Statements confirming no outstanding liens or legal claims on the property.
Sellers should carefully review these documents and clarify any concerns with their real estate agent or escrow officer before signing.
2. Handling Final Repairs and Inspections
If the buyer requested repairs as part of the purchase agreement, the seller must ensure they are completed before closing. A final walk-through allows the buyer to confirm the home is in the agreed-upon condition. Addressing any last-minute issues promptly prevents potential delays in the close of escrow process.
3. Paying Off Remaining Balances
Before the sale is finalized, the seller must settle any remaining financial obligations, such as:
- Mortgage payoff
- Outstanding property taxes
- HOA dues (if applicable)
- Seller’s share of closing costs
These amounts are typically deducted from the proceeds at closing.
4. Signing the Final Paperwork
On closing day, the seller will sign the final documents to officially transfer ownership. Once all paperwork is completed, the escrow officer will release the buyer’s funds, and the home sale is officially recorded.
5. Handing Over Keys and Moving Out
Once the close of escrow is complete, the seller hands over keys, garage openers, and any necessary documents to the buyer. At this point, the seller is officially released from all responsibilities regarding the property.
By understanding the steps involved in the close of escrow, sellers can ensure a smooth transition and successfully complete their home sale with confidence.
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