Closing Your Home Sale in Austin.

Repairs and Walk Through

• If repairs are agreed upon in the contract, they must be completed prior to closing.
• We usually fax paid receipts from workmen to the buyer as soon as the work has been completed. This will lower the buyer's anxiety about the status of repairs.
• Usually buyers make an appointment for a "final walk through" of your home just before closing to check the repairs and observe the condition of the house.

Utility Accounts

• About 5 days before closing it will be necessary to call your utility accounts and request a termination of service on the closing date.
• We will pass this along to the buyers so they can set up their service on the same date.
• You may want to use our free concierge service to disconnect your utilities. Call 1-877-846-5500
• Don't forget to terminate your property insurance after closing!

Loan Payoff

• Prior to closing we will need your current mortgage information.
• The title company will call for payoff information, and make the payoff of your loan(s) after they receive funds from the buyer.
• Usually there are an extra few days included in the payoff to allow time for processing. Any overpayment will be refunded to you by the loan company.

• Your share of the current year's taxes will be credited on the closing statement to the buyer from your proceeds of closing.
• If you have an escrow account for taxes and insurance, this will be refunded to you in its entirety several weeks after closing.

What are typical seller's closing costs?

• Title Policy - Based on sales price. (Here is a title policy calculator to figure the owners policy.)
• Real Estate Commission - Per your listing agreement.
• Attorney Fees - For preparation of deed and release of liens - ($200)
• Escrow Fee - Title company fee for closing - ($200)
• Recording Fees - ($100)
• Tax Certificates - ($35)
• Courier - ($50)
• FHA (seller's portion) - Only if buyer is getting an FHA loan - (+- $500)
• 1st Lien Payoff - Check loan balance
• 2nd Lien Payoff - Check loan balance.
• Final Months Interest - Monthly mortgage payments are for the month past. At closing you pay the interest from 1st of month to closing date. (FHA loans charge a whole month.)
• Current Year Taxes - You must pay your share at closing - from Jan. 1 to closing date. Your escrow account will not be tapped for these funds. It will be wholly refunded after closing.
• HOA Dues - Any outstanding dues up to closing date must be paid. (If you have paid in advance, you will receive a credit.)
• HOA Package - This is for subdivision info provided to buyer. (Cost varies from $0 - $250)
• Home Service Contract - If agreed in contract. (usual range is $350 - 525)
• Buyers Closing Costs - If agreed in contract.

Signing Documents

• A day or two before closing, the title company will prepare a statement showing your charges, credits and final proceeds. I will review this with you prior to attending closing.
• After documents are signed, the closer must fax them to the lender for review. Funding of the loan may take place several hours later.
• You may choose to have funds wired to your bank, have your check delivered to you, or return to pick it up.
• Normally, the buyer receives keys and possession to your house upon funding of the loan.
• The buyer and seller do not have to attend together, although many do. Sometimes sellers sign documents several days before the closing date, if this is more convenient.
• It is also possible for buyers or sellers to receive documents by overnight express and sign before a notary in another state.
• Or, one spouse may get "power of attorney" to sign for the other. The goal is to make the process as convenient for the parties as possible.