What Every Home Seller Needs To Know About Closing Day

The closing day is an exciting time for sellers, but it can also be stressful. With help from an experienced real estate agent, you can minimize complications and keep things moving forward.

Even with the best real estate agent on your side, however, it's important to understand as much as you can about the process. An informed seller ensures that he or she will be able to make the best decisions even down to the final hours of the process.

And, unfortunately, unexpected things can happen at the last moment. By the time a home sale reaches closing, it's usually ready to go off without a hitch — but it never hurts to be prepared.

What Sellers Must Know About Closing Day

Most of the closing simply consists of sitting down and signing documents — lots and lots of them. Many people are surprised by how long this can take: Although a quick closing may be done in as little as an hour, it's a good idea to clear off the entire morning or afternoon.

Keep these pointers in mind for a successful closing as a seller:

You'll Need To Bring The Right Items

Everything has to be signed and verified at closing. If even one piece is missing, you'll have to reschedule. That, in turn, can endanger the terms of your mortgage loan, which is often offered with very strict time constraints. Luckily, there's a simple list of items to remember.

You'll need to bring:

• The deed, if your property is already paid off.
• A valid state or federal ID, such as your current driver's license or passport.
• If required, a verified check in the amount specified by the escrow officer.
• All keys and security codes needed to access the property if the closing is successful.

You'll Sign Tons Of Different Paperwork

These include:

• Closing Instructions
  These can sometimes be signed at the opening of the escrow account, but they are usually done at closing. You should carefully review the exact amount of credits and debits for accuracy. This ensures that liens (and your existing mortgage, if any) are fully paid off.
• HUD-1 Settlement Statement
  This is a statement required by federal law that serves as a full accounting of all money involved in the transaction. There's both a buyer's column and a seller's column, and you should receive a copy well in advance so you can review it in full. Check the math and look for clerical errors.
• Certificate of Title
  This affirms you have the right to sell a given property.
• Deed
  This document passes ownership of the property from the seller to the buyer. It must be signed along with a full description of the property, then recorded at the county courthouse.
• Loan Payoff
  This itemizes your loan payoff amounts to be paid at closing.
• Bill of Sale
  This document lists any personal property, such as furniture, you agreed to provide to the buyer as part of the sale. Make sure there are no extra or missing items and that all prices are correct.
• Statement of Closing Costs
  Closing costs vary a great deal in each transaction. Although buyers are generally responsible for many of these, you may have negotiated concessions. It's a good idea to review all closing costs.
• Statement of Information
  This document is simply used to affirm your identity.

Your closing should be a day of celebration. Double-checking all the paperwork with an expert advisor by your side will help give you peace of mind as you reach this major milestone.

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