The Closing and The Move

Closing

Real estate closing is a process that concludes with the transaction that transfers ownership of the home. Closing - or settlement or escrow - is essentially a meeting where the closing agent (the party who conducts settlement) takes in money from the buyers, pays out money to the owner and makes sure that the purchaser's title is properly recorded in local records along with any mortgage liens. All papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.

The closing agent reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the buyer. The closing agent also assures that certain transaction costs are paid (taxes and title searches).

Closing is also the time when "adjustments" will be made. For instance, suppose you've pre-paid taxes four months in advance. In this case, the closing agent will compensate you for the prepayment at closing by having the buyer pay you additional money.

It could also work in reverse. If you are behind on property taxes, the closing agent will reduce the money due to you at settlement by the amount of the unpaid taxes.

Tips for Moving

Selling your home can be challenging and emotional, but it doesn't have to be tramatic. Whether you have moved once or a dozen times, it never seems to get any easier. Here are some hints that we hope you will find helpful as you prepare for moving day.

  • Make agreements with buyers about possession of the home and moving date.
  • Start planning early. From the moment you decide to put your home up for sale, start sorting through your current possessions. Toss (or give away, sell at a yard sale or online) anything that you don't want to take with you.
  • Make a list of important items you will need to buy for your new house, such as drapes, blinds, shower curtains, etc. Having these things with you on the day you move helps you settle in more comfortably.
  • Start packing early. Organize like items together and mark every box and carton. This makes it easier if you find you need an item before you move, and much simpler after you move. This simple step will help you find the items you need when you need them.