You’ve done all the hard work, accepted an offer for your home, and gotten past all of the contingency periods. Congratulations! It’s not an easy process or a quick one, but now you’re into the closing phase of the home selling experience and there are a few things to keep in mind. Yes, the end is in sight, and moving day is on the horizon so the temptation for many homeowners is to take their foot off the gas pedal – but we recommend you don’t, just yet. There are still a few things that need to happen and tips you can use to ensure it goes as smoothly as possible.

The ‘closing’ is the phase of selling a home where the seller receives the buyer’s money and the buyer receives the deed to the home. This exchange should ALWAYS be completed by a 3rd party title company and or law firm. It is up to this third party to make sure that the money is in their hands before the deed is transferred, and vice versa. This protects all parties in the transaction. 

Closings are now more traditionally completed individually, rather than the buyer and seller meeting together to sign.

### Part 1: Money

When you sell your home you will receive all money remaining after your portion of the “closing costs” are paid::

- [The seller’s mortgage and any outstanding liens](https://homewarranty.firstam.com/blog/home-seller-closing-process-guide)
- Local government dues, such as property taxes (prorated) 
- Any third-party services 
- Real estate agent fees and commissions

### Part 2: Documents

The following documents must be completed and transferred:
The home’s deed
The Certificate of Title
The Bill of Sale
The settlement statement [(called a HUD-1)](https://www.zillow.com/sellers-guide/closing-every-seller-needs-know/)
Receipts of any repairs completed.

### Part 3: The Property Itself

Transferring the physical property will often mean:

Any post-closing agreements (may include renting the home back to the seller for example)
Exchanging of keys, security codes, manuals, and other home devices.
Note: It is traditional and encouraged to clean your home before closing for the new owner.

Always make sure to review the HUD-1 to make sure that all the items you are paying for line up with your expectations. If you are using a realtor then they should be able to tell you if everything is as expected. If you do not have a realtor and want another pair of eyes on this document you can always hire a lawyer to review the HUD-1, or simply call the title company to have them walk you through it. This is the seller’s opportunity to confirm and/or dispute how much money they will actually receive upon closing.

The title company will handle paying off any existing liens on the property, including a mortgage balance, and any property taxes. The seller typically covers any property taxes owed up until the closing date, and the buyer would cover anything owed after.. Furthermore, they will distribute the commissions and any other fees owed. Once all of that has been deducted from the sales amount, the seller will receive the amount left. Typically this will be in the form of a check or a wire transfer to a bank account.

[Sellers can start packing up](https://www.opendoor.com/w/guides/house-closing-process-for-seller) once their contract is signed but remember, until the deal is finalized and the new buyer takes physical possession of the home, a seller is still responsible for keeping the home in good order. So it’s recommended you don’t host a final party before you hand over the keys! 

## Wrapping Up

Selling your home is an exciting moment, but it can take a lot of work to get to the closing phase through a traditional selling process. If you’re looking for a simpler, faster, and hassle-free way to sell your home, we’d love to help!

At Taida Corp, we go to great lengths to explain the entire home selling process and make you feel comfortable with everything along the way while keeping things simple for you. We want to get to know you, so contact us—and we’ll get that house off your hands! 


The ‘closing’ is the phase of selling a home where the seller receives the buyer’s money and the buyer receives the deed to the home.

Taida Corp.

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Everything Home Sellers Need to Know About the Closing Process

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