The closing is the final phase in the real estate contract. Here is what you need to know as the seller.
As your agent, I will make certain we have ordered the payoff to your bank/s so that funds are sent directly from the closing to pay off of your existing mortgages. Prior to closing, the title company will need your social security number/s and loan information. If there have been any changes to your marital status, we’ll want to let the closer know about that as well.
Prior to the closing, let the title rep know when you made your last sewer and/or water bill payment, mortgage payment and any payments to the HOA.
It is common for all the parties to attend in one room, though sometimes it works out that not everyone can be present. We can use a limited Power of Attorney to have a trusted friend or loved one sign on your behalf. Or we can do a mail-out if you will be unavailable the day of the closing. The title company can wire your funds, issue a cashier’s check or issue a title check at closing payable to you.
Be sure to arrive on time or early. You will positive identification – usually a driver’s license or passport. Bring all the keys to the house and the garage door remote controls. If you have any manuals for operating appliances, sprinkler system, special systems in the home, this is a good time to hand over to the buyer and also explain any quirky operations of your home or introduce neighbors. Be ready to sign a number of documents – although not nearly as many as the buyer.
After the closing, be sure to submit your change of address with the US Postal Service. Call the utility companies and let them know you are no longer the owner. You do not need to have the utilities turned off; just inform them you are no longer the responsible party.
During the closing itself, it is common for the Buyer, Seller, their respective agents, the mortgage lender for the buyer and closing title representative to all be in the same room. Sometimes there is an attorney for a party as well. The title agent acts as closer, disperser of funds and Notary Public. This last job is very important. The Notary Public is in effect, the State of Colorado, witnessing all the documentation.