Home Selling

What to Expect at Settlement: Seller Edition

Posted by Copper Hill on Wed, Dec 2, '20

After what seems like an impossibly long wait, the time has come. Settlement day is here; the day that you can finally put this transaction to rest. It’s been a stressful and exciting time, from listing your place and talking with prospective clients to negotiating an offer and executing the sale. But now, it’s all down to one last meeting. Signing the documents, initialing on the dotted line, and handing over the keys. Selling your home has been in your sights for a while, but only now is it right within your grasp.

Ready to roll? It’s easy to rush out the door on your way to settlement, but you’d best be prepared for anything. In this article, we’ll go over what to expect as a seller when you finish out your home sale.

We’ve discussed the process of settlement from the buyer’s perspective; lots of documentation, ID checks, signing contracts, and going line-by-line through loans, liens, and seemingly endless legalese. As the seller, your job is significantly easier. And depending on the situation, you might not even need to attend the meeting. What could be simpler? But since most settlement days necessitate the presence of all parties involved, let’s take a look at what you’ll need to prepare for in order to seal the deal.


Bring Keys, Fobs, Clickers

Anything that can be used to get inside the house or control appliances inside of it needs to be brought with you. When you close out the transaction, you’re no longer the rightful, legal owner of the home; since settlement is the final execution of the sale. It’s on you to make sure that the new owner has the tools needed to gain entry to the property.


Credits and Closing Statements

Remember when you offered the buyer a $500 credit for that faulty shower door? Did you make sure that that spot in the laundry room floor you told the buyer would be fixed was completed on time? It’s time to square up all credits, debits, and promised repairs before handing over the keys and closing things out. Be ready to provide and review evidence of completed repairs and issue credits where necessary.


Be Ready to Sign

Hope you’ve been practicing your fancy signature, because if there was ever a time to use it, it’s now. As the seller, your stack of paperwork will in all likelihood be much shorter than that of the buyer, there are still a number of important documents that need to be signed by you. One of these is the closing statement, a document itemizing all payments that need to be satisfied in order to close the transaction. Additionally, you’ll need to sign a bill of sale that outlines the personal property that you’re leaving for the next owner. Finally, you’ll need to sign the agreement of sale that finalizes the transaction and officially transfers legal ownership of the property to the buyer.

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