Close of escrow is a milestone when it comes to the process of buying a home. On closing day, the seller plays a crucial role in ensuring a smooth transfer of homeownership. Prior to closing day, the seller should have moved out completely, leaving the house in the condition agreed upon in the contract. All repairs requested by the buyer after inspection should be completed.

At close of escrow, it’s critical for the seller to bring all necessary documents, such as proof of repairs and warranties. The seller’s presence may not be required at the closing meeting, but they should be available to answer any last-minute questions. Upon completion of the sale, the seller is responsible for handing over all keys, codes, and relevant information about the house to the new owner.

Legal Stuff

After close of escrow, there are a few essential steps to remember.

Firstly, cancel your homeowner’s insurance policy, but ensure this is done after the sale is complete and the money is in the bank. Ensure you are comfortable with the cancellation time frame before taking the next steps. This will ensure you have the time and coverage necessary for those major risks in between putting your home on the market and collecting the proceeds. Make sure to double check the cancellation policy with the insurer prior to taking this step.

Secondly, keep copies of all paperwork related to the sale and your closing. These documents will be important for future tax purposes. Keeping the necessary paperwork documents after a sale has closed can be extremely helpful down the road, especially when it comes to taxes. Collecting and making copies of documents such as the sales agreement, deed of sale, and bill or invoice help to provide a clear and annotated account of the sale’s details and provide key evidence of the transaction.

Besides simply being handy for tracking the purchase history, having these documents can drastically alter the process when dealing with future tax responsibilities. Maintaining accurate accounts for legal or financial transactions gives the purchaser a certain, secured peace of mind and avoids any discrepancy when visiting the tax adviser. Thus, don’t neglect to keep copies of all paperwork relating to the sale – it could make a world of an difference for you in the future.

Lastly, if it’s relevant, update your address with the Postal Service, bank, credit card companies, and any other important institutions or services. Making sure all of your information has been updated to reflect your current address should be one of your top priorities if you are moving. Reach out to the USPS and the bank to make sure all account and mail forwarding is being handled correctly.

Additionally, take the time to check in with credit card companies as well as any other important institutions or services that require your current address. Doing this will bring your current address up to date and allow you to stay in the loop with these authorities.

Cancel Your Home Services!

When selling your home, it’s pivotal to remember to terminate or transfer various services and subscriptions. This includes utilities such as gas, electricity, water, and internet services. You should coordinate the termination of these services to coincide with your close of escrow to avoid unnecessary charges. If you have a lawn or pest service, remember to cancel them as well.

It’s also important to halt any newspaper or magazine subscriptions being delivered to the old address. If you have a home security system, contact the company to either discontinue the service or transfer it to your new home. Keep in mind that early termination of some services may result in fees, so ensure you understand the terms of your agreements.