The closing (also referred to as recording) is a critical part of the home selling process.  At the closing, your home will be legally transferred to the buyer.  Be prepared for a lot of paperwork.  You’ll be signing your name on a lot of documents during this process.   Review the following points to help you prepare for your closing.

Prior to the Closing

• Expect the buyer’s lender to send an appraiser to check your home.
• Gather all warranties and instruction books for your home’s appliances or major systems to give to the buyer.
• Once you have a closing date, notify the utility, telephone, water, trash and other services to advise them of your final billing date. Utility companies should make final meter readings on the day of closing.  You may want to give them the name of your buyer as well.
• Have repairs and other specifications completed according to the contract so that final inspections may take place.  Prior to closing, your buyer will want to make a final walk-through of the home to see that all items agreed to have been done, and that the home is still in substantially the same condition as when the offer was accepted.
• Look over any terms in the contract that state when the buyer will take possession. If you have not moved out by the date and time agreed, you will be in default and the buyer may be able to take action against you.

Closing Costs

• Ask your settlement agent for a copy of the closing costs before closing. This document is known as the closing statement or settlement sheet and will contain most of the charges you may be asked to pay. You shoul dbe able to see the settlement statement by no later than the day before you are set to close.
• You may pay a loan discount fee or service fee. This fee — or points — is a percent of the mortgage amount and charged by the lender to adjust yield to reflect current market interest rates. For VA guaranteed loans, the seller pays the points. Otherwise, they’re a negotiable item.
• Depending on your area and your negotiations, you might pay for charges related to the title, such as title insurance or attorney’s fees.
• The buyer will likely pay the fee for recording the mortgage, while you as the seller may be asked to pay for half or all of the recording fee. Other fees, such as settlement agent fees, document preparation, notary services or warranty coverage, may be charged for preparation of closing.  Your GMAC Real Estate Northwest Real Estate Agent will inform you which fees are your responsibility.
• Typically, you as the seller will pay the commission to the listing broker. If two brokers are involved, the listing broker will typically pay the selling broker out of the commission you have paid as agreed in your listing agreement.
• You will typically be responsible for paying your prorated share of property taxes and hazard insurance until the date of settlement. If these charges have been paid from an escrow account, you may still have money in your account. Or, if the charges have already been paid in advance, you may receive money back from your lender. Refunds on taxes and insurance paid through an impound account typically get refunded back to you about 30 days after your sale records.

The Closing

• Depending on which state the property being sold is located, either the buyer or seller will choose the closing agent.  In Idaho, the person who handles the closing is the title company.  However the buyer's lender may allow the buyer to sign their final documents at the lender's office.  In Washington, the person who handles the closing may be a broker, lender, title insurance company, escrow company or attorney.  In either state, the Real Estate Settlement Practices Act (RESPA) prohibits a seller from directly or indirectly requiring a buyer to use a particular title insurance company.
• You, the seller, can go to the closing agent to sign documents as early as a week before the date you are set to record, however your GMAC Real Estate Northwest Sales Associate will want to double check with the buyer's agent to make sure you don't have to sign any documents for the buyer's lender. The buyer will have to wait for loan documents before they can be scheduled to sign their documents.
• Closing may involve more than one settlement activity: closing the property transaction, the buyer’s loan and possibly paying off your mortgage.
• Your GMAC Real Estate Northwest Real Estate Agent or attorney can help you prepare any paperwork that the contract has called for you to supply, such as the title insurance or a survey.
• The closing agent will prepare all documentation you need to sign, and the warranty deed conveying the title of the property to the buyer. You should also review the final version of the settlement statement to be sure it is in order.
• Any issues or questions should be resolved before the date that you can simply go to your closing agent and sign all your documents. 

Sold!

The moment you’ve been waiting for - You’ve sold your house!   At the closing or shortly thereafter, you’ll turn the keys to your house over to your Sales Associate who will get them to your buyer.   You will also be given a check you can take straight to the bank!

The home selling process may seem lengthy and complicated at times, but your GMAC Real Estate Northwest Real Estate Agent will be available to guide you through the process every step of the way.  You can trust in the Premier Service of GMAC Real Estate Northwest.