Thursday, November 6, 2014

Closing 101 - What to Expect at Closing When you Sell Your Home


The closing process finalizes the sale of your home and makes everything official. Also known as settlement, the closing is when you get paid and the buyer receives the deed to your home. The day of closing is usually 1-3 business days after the day you sign your closing documents.

Here are a few things to bring to the signing appointment:
•House keys
•Garage door remote(s)
•Mailbox key(s)
•Any community gate/pool key(s)
•A picture ID

What can you expect?
The closing agent (escrow officer) will look over the purchase contract and identify what payments are owed and by whom; prepare documents for the closing; conduct the closing; make sure taxes, title searches, real estate commissions and other closing costs are paid; ensure that the buyer's title is recorded; and ensure that you receive any monies due to you.

What are your costs?

Sellers commonly pay the following at closing:
•Mortgage balance and prepayment penalties, if applicable
•Other claims against your property, such as unpaid property taxes
•Unpaid HOA dues / special assessments on your property
•Nevada state transfer tax
•Real estate commission
•½ of the escrow fee
•Title insurance premium

After the closing, make sure you keep the following for tax purposes:
• Copies of all closing documents

And finally, put your check in the bank!

Our team of Las Vegas Real Estate Agents and home specialists at Foster Beckman Group are available to help you buy, sell or invest in Las Vegas property. Call us today at 702-686-2695 to see how we can help you with all of your real estate needs!