Seller Tips for A Timely Closing
Selling a home can be a rewarding experience, but there may be delays in the closing due to situations that could have been avoided. Although closing procedures vary from state to state, having an understanding of what may be required at closing and preparing accordingly will help your settlement process go as smoothly as possible.
MORTGAGES ON THE PROPERTY:
Please provide detailed information, including loan number and payment address, for all mortgages on the property. Home Equity lines, even if they have a zero balance, will also require detailed mortgage information in order to satisfy the original loan requirements.
BUYER PROTECTION PLAN:
If a home warranty product is being provided and shown on contract, advise the closing agent of the purchase amount to be collected.
If there are service contracts on equipment or appliances that the purchaser wants to assume, provide the closing agent with a copy of the service contract.
Any judgments, tax liens, etc., filed against you which attach to the property, must be paid at closing.
INTERNAL REVENUE SERVICE (IRS):
The closing agent is required to report the sale of the property to the IRS. Please provide your social security number(s) and forwarding address at closing.