Closing Expectations for The Seller

Closing Expectations for The Seller

The down low on what is expected of the seller on or before closing...

First things, first!  Mortgage Payoff Information

You will be required to pay off any and all existing liens on the subject property. You will need to notify the closing company of the names and phone numbers of all current mortgage holders along with social security number of all borrowers and the loan numbers. It is necessary to supply this information as soon as possible, as it can take up to 5 – 15 business days to obtain the payoff amounts. At times, you may be required to provide written authorization for the payoff.

Condominium Associations (if applicable)
If you are selling a condominium, you will need to provide the name of the condominium association, contact and phone number.

Transferring Deed
As the seller, you will be required to provide the deed conveying your interest in the property.

At closing, you will be asked for a copy of your Driver’s License, or some other form of identification that includes your picture and signature.

Contractual Obligations
The sales contract should contain all agreements between the buyer and seller. It must be signed and any changes initialed by both parties. The closing company will prepare and conduct your closing only according to the terms agreed upon in your contract. If you have any questions about any item in your contract, please discuss this with your real estate agent. If possible, it is always best to get any issues resolved before getting to the closing table.

If you are the sole owner of the subject property but are married, your spouse will be required to sign the Warranty Deed only to convey any rights they may have in the property. That spouse will also need to provide a copy of their Driver’s License, or some other form of valid government issued identification that includes their picture and signature.

A special “thank you” goes out to Theresa Wilson and the Williamson County Association of Realtors for providing this article.

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