Seller Closing Process
It may have taken some time to get your property under contract since you listed it for sale, and now there is another hurdle - the closing. That's not a small task. There are a lot of things that can go wrong.
The buyers will do a home inspection. If you have agreed on amounts for repairs or the buyers ask for repairs and you agree, you have to get those repairs done or make take some $$'s off the purchase price for the buyers to perform the repairs after closing.
If repairs are major like a new roof for example, money from the seller's proceeds may also be held in escrow by the closing company to pay for the new roof after closing. All of these things are negotiable and must be agreed by both the sellers and the buyers.
If everything is going to plan, you should receive a settlement statement from the closing agent. You should already have an "estimated" net proceeds statement from your realtor with your estimated "net" proceeds. At this point you will want to review the settlement statement with your realtor.
There are 2 columns on the settlement state - one for the buyers and one for the sellers. Both will show debits and credits. Understanding some of these especially on property taxes and HOA or Condo Fees may take a little explaining.
At the closing, you will usually meet the buyers and have a chance to answer questions they may have about the home (like what day is trash pickup, etc) or you may have information that you want to tell the about to make their new ownership comfortable.
As the seller, you will just a small amount of documents to sign. However, if the buyers are doing a mortgage, you may have to sit through 45 minutes or more waiting for them to sign the 1" thick stack of documents they must sign.
If you the seller live outside of the area, your paperwork can be mailed to you (we call it a "mail-away") for you to sign and return to the closing agent prior to closing. You'll also have to provide wiring information so your proceeds can make it to your account.
Every closing is different so again, having an experienced realtor at your side can make the closing process worry free.