Now that the home inspection has been completed and
the Purchase and Sales agreement is signed by both the buyer and the seller,
the next step is to close on the transaction.
The closing process, also know as "settlement",
"escrow" and "passing papers", is a simple process in which the title of the
property is transferred from the seller to the buyer. During the
closing the closing attorney will have you sign various documents.
Once you sign all of your documents then the buyer will sign their papers.
At this time you will then turn over any keys to the property, owner's manuals
for appliances, garage door openers and any other items to the new owners. Once the
transaction is recorded at the Registry of Deeds then you will receive your proceeds
At Easton Real Estate we have Closing Coordinators
that specialize in getting your transaction to the closing. Our
Closing Coordinators along with your agent help you to coordinate with the
other real estate agent, the mortgage person, the buyers, the closing office and anyone
else needed to successfully close on your purchase.
Below are items that you need to know about and/or
will need to prepare for the closing.
At the closing there may be adjustments made for the following items: final
water reading, oil left in your tank, taxes paid or not paid, reimbursement
to your real estate company for any charges incurred by them on your behalf
or other adjustments. Some charges which you will incur when selling
include: paying off your existing mortgage(s) and any liens, assessments or
betterments on your property, tax stamps, commission, deed preparation,
mortgage discharge, recording of the mortgage discharge, home warranty cost
and an overnight mail cost to pay off your mortgage.
Once you have closed on the property you will typically have a check
which is due to you for your proceeds of the sale within 24 hours. Sometimes
the check is at the closing, but may not be available right away as the
closing office still has to go to the Registry of Deeds to put the sale on
record. At this point either your Realtor®
or the closing office will hold the check and release it to you once the
closing is on record at the Registry of Deeds.
You will need to arrange with the utility companies to have the services cancelled as of
the day of the closing. Easton Real Estate has a list of the companies
in the area and their phone numbers to accomplish this including electric,
gas, trash pick up, telephone, cable, and internet providers.
Change of Address Form
Remember to pick up a change of address form from the U.S. Post office
to have mail delivered to your new home or change it online by visiting:
You will need to bring your driver's license or picture identification
to the closing.
Your Check Book
You should bring your checkbook to the closing as it may be needed for
last minute adjustments.
Moving out of Your Current Home
Do not forget to make moving arrangements if you are going to use a
moving company. Moving companies tend to be very busy at the end of a
month so you will want to make your arrangements as early as possible.