Atlanta Real Estate Tips

How To Sell Your Home

Closing and possession

• Depending on the area, either the buyer or seller will arrange the settlement and select the settlement agent.  The person who handles the closing may be a broker, lender, title insurance company, escrow company or attorney.
• The closing will take place at a mutually convenient time and place, usually within a period of 30 to 60 days.
• Look over any terms in the contract that state when the buyer will take possession.  If you aren't moved out by that date, the contract stipulates what will happen.
• Your agent or attorney can help you prepare any paperwork that the contract has called for you to supply, such as the title insurance or survey.
• Expect the buyer's lender to arrange for an appraiser and a surveyor to visit your home.
• Notify your lender that you will be paying off the mortgage and ask for a statement of what you owe.  Your outstanding balance will be subtracted from the amount you'd receive from the seller.  (Any penalty for paying off the mortgage early will also be subtracted.)
• Have fix-up work done according to the contract so that final inspections may take place.
• Gather all warranties and instruction books for your home's appliances or major systems to give to the buyer.
• Once you have a closing date, notify the utility, telephone, water, trash and other services to advise them of your final billing date.  Utility companies should make final meter readings on the day of closing.

Preparing for the closing

• Prior to closing, your buyer will want to make a final inspection (or walk-through) to see that the home is still in good condition.
• Ask your settlement agent for a copy of the closing costs before closing.  This document is known as the closing statement or settlement sheet and will contain most of the charges you will be asked to pay.
• Depending on your area and your negotiations, you might pay for charges related to the title such as title insurance or attorney's fees.
• The buyer will likely pay the fee for recording the mortgage, while you may be asked to pay the transfer fee and the deed recording fee.  Other fees, such as settlement agent fees, document preparation, notary services or warranty coverage, are charged for preparation of closing.  Discuss which fees you will be responsible for with your agent.
• Typically, the seller will pay the commission to the listing broker.  If two brokers are involved, the fee is divided between them.  Your listing agreement will spell this out.
• After the balance you owe on your mortgage is subtracted from your proceeds, as well as any early payment penalties if applicable, you also may pay a small charge to have the title cleared.
• You will typically be responsible for paying your prorated share of property taxes and hazard insurance until the date of settlement.  If these charges have been paid from an escrow account, you may still have money in your account.  Or, if the charges have already been paid in advance, you may receive money back from your lender.

The Closing

• Closing may involve more than one settlement activity: closing the property transaction, the buyer's loan and possibly your mortgage.
• Depending on your local customs, you may attend a closing meeting.  An escrow agent may complete the entire transaction.  Or, you may be part of group meetings in which you, the buyer, your sales professionals, attorneys, the lender's representatives and the settlement agent meet together or separately.
• Any issues or questions should be resolved by this time so that both parties can simply review and sign each document.
• You will sign over the deed to the buyer to convey the title to the property.  You should also review the final version of the settlement statement to be sure it is in order.

Finally - it's the moment you've waited for!

At the settlement meeting shortly thereafter, you'll turn over the keys to your house - and be given a check you can take right to the bank.

Critical Elements of a Sale
Making it easier on yourself
Starting with you, the seller
Setting the price
Marketing your home
Showing your home
An offer to buy
Terms to know