For Sale by Owner Real Estate - Tips for Sellers
Closing or completion date is the date that ownership/title is transferred from the seller to the buyer. The buyer is responsible for the cost of conveying the title. Conveyance is performed by the buyer's legal representative and involves a title search and title transfer to the buyer.
The seller is responsible for providing clear title on closing date. Your legal representative will attend to clearing the title of financial encumbrances (dealing with the lender that holds your existing mortgage) on your behalf. Your legal representative should also prepare a settlement statement accounting for all monies including closing costs and legal rep fees
On closing day your legal representative collects all monies, pays your mortgage, pays outstanding bills and closing costs and gives you the rest of the money.
Before the actual closing date be sure to:
- make arrangements with the utility companies (power, gas, telephone, cable, garbage disposal, etc)
- make arrangements for moving your possessions to your new home
- make arrangements for transfer of the keys to the buyer on the possession date