Selling Your Home: The Closing

When selling your home, a REALTOR® completes dozens of steps and tasks to get you to the point at which the closing occurs. Some of these steps include;

• Researching your market
• Accurately pricing your home
• Listing it in the Multiple Listing Service database
• Marketing

Your REALTOR®hasbeen there every step of the way, keeping your best interests front and center. They fielded offers, negotiated terms, and kept you abreast of every development regarding your home. From arranging the septic inspection to monitoring your buyer's financing to arranging the inspections to keep you compliant with the Contract to Purchase terms, your REALTOR® has made the process of selling your home a smooth one and has brought you to the final step... the closing!

This is the stage where your REALTOR® will "dot the i's and cross the t's." It's the stage where all of their hard work, compiling documents and preparing all of the forms needed to complete the closing comes to fruition. Even after the closing is complete and the new owners have the keys, your REALTOR® is still there working on your behalf.

In this post, in our selling your home series, we will examine the final steps your REALTOR® will take to prepare you for closing, close on your home, and follow up post-closing to answer any questions or resolve any issues that may arise.

Selling Your Home: Closing Preparations and Duties

You've arrived at the closing. Your REALTOR® has arranged inspections, worked with your buyer to secure financing, and completed a few dozen other tasks since the buyer signed the Contract to Purchase. Any repairs or issues have been addressed, the bank approved the financing, and now it's time for your REALTOR® to put together all of the paperwork and schedule your closing. As the seller, your REALTOR® will typically act as your representative at the closing.

These are the steps they will take before closing day.

• They will make sure that all parties sign the contract.
• Once the contract is signed, they will coordinate the closing process with the buyer's agent and lender and update all of the closing forms and files.
• Your REALTOR® will ensure that all parties have all of the forms and information needed to legally close the sale.
• They will select the location where the closing will be held, confirm the closing date and time, and notify all parties.
• They will assist in solving any title problems (boundary disputes, easements, etc.) or obtain Death Certificates if required.
• They will work with the buyer's agent in scheduling and conducting the buyer's Final Walk-Thru before the closing.
• A member of your REALTORS® team will research all tax, HOA, utility, and other applicable prorations.

At this point, your REALTOR® will begin the final processes, starting with a request for the final closing figures from the closing agent (attorney or title company).

They will receive and carefully review closing figures to ensure that they are accurate.

• Forward the verified closing figures to the buyer's agent.
• Request a copy of the closing documents from the closing agent.
• Confirm that the buyer and buyer's agent have received the title insurance commitment.
• They will provide the "Home Owners Warranty" for availability at closing and carefully review all of the closing documents for errors with the closing agent.
• At the closing, your REALTOR® will provide the earnest money deposit check from the escrow account to the closing agent.
• Coordinate this closing with the seller's next purchase and resolve any timing problems.
• Have a "no surprises" closing so that the seller receives a net proceeds check at the closing.

Upon closing, your REALTOR® will forward all of the closing documents to you as the seller, as requested. If applicable, they will refer you to one of the best agents at your new destination if needed.

The last step is changing the MLS status to sold, entering the date, price, selling broker, and Agent ID numbers, etc. Finally, they will close out the listing in their transaction management program.

Selling Your Home: Follow Up After Closing

Even though your home is sold, and your listing is closed out both internally, and on the MLS, your REALTOR® remains ready to answer questions and provide support even after the sale. They are available to the new buyer to answer questions about filing claims with the Home Warranty Company if requested.

They will also remain available to clarify and resolve any issues or conflicts about repairs if the buyer is not satisfied. Your REALTOR is on call to respond to any follow-on calls and provide any additional information required from their office files.

Working with a REALTOR® to sell your home is a smart business decision. They are pledged to uphold the stringent, enforceable tenets of the REALTOR® code of Ethics in all of their professional dealings with the public. A REALTOR® has the level of skill, knowledge, and attention to detail that's required in today's complex real estate transactions. Not every real estate licensee holds REALTOR® membership. If you want a smooth transaction, make sure yours does!