What Happens At Closing For Home Sellers In Albuquerque NM?
It is time to close on the sale of your home. You may be asking yourself, what happens at closing for home sellers in Albuquerque NM?
The title company escrow officer and your real estate agent will typically attend the closing. The buyers will have a separate closing than the sellers.
What Do I Do Prior To Closing On The Sale Of My House In Albuquerque NM?
Your real estate agent or Title Company should provide you with the settlement statement. This is a detailed accounting of all costs and credits involved in the sale of your house. Review this document in detail, talk to your real estate agent if you have questions. Your real estate agent may not be able to answer your question, however, they will know where to get the answer.
You will need to decide how you want to collect your proceeds. You can have the title company prepare a cashier’s check and you can pick it up at the title company. You can also have the title company do a wire transfer to your bank account. Bring in a blank check or your bank routing number and your account number if you choose this option.
It is best practice to have the utilities transferred out of your name prior to going into closing. Request the turn off date as the funding date identified in the purchase agreement. Have a discussion about this with your real estate agent.
Gather up all your keys, and garage door remotes and take them to closing. Don’t forget about keys to the mail box, sheds, and gates.
What Will Happen During Closing On The Sale Of My House In Albuquerque NM?
You will need to provide a government issued photo identification to the escrow officer. This is required as part of the notary process. Some of the documents you sign will need to be notarized.
The title company escrow officer will go over the settlement statement with you. There are not a lot of documents to sign when you are selling your home, unlike buying a home. The title company will provide an overview during closing of each document you are expected to sign. One of the most important documents is the deed. This is the document that transfers ownership. Make sure to review this document and make sure it is correct. The title company will provide you a copy of all the documents you sign at closing. Keep this package as you may need the settlement statement when preparing your income taxes
Closing will take about 15 to 30 minutes depending on several factors.
What Happens After Closing On Your Home In Albuquerque Metro?
The title company will send the appropriate documents to the buyer’s lender for their review and approval. The buyer’s lender will give permission to the title company to record documents at the county court house if the buyer’s lender determines all documents were processed properly. If the buyer is a cash buyer, skip this step.
The lender will also authorize funding. Funding is the process of paying all parties involved with the transaction including existing mortgages, real estate commissions, and other closing costs, this is handled by the title company. Funding occurs after the appropriate documents are recorded at the county court house.
You will get your proceeds from the sale after recording and funding occurs. If both the home buyer and seller close in the morning, you may get your proceeds the same day as closing. If the buyer or seller closes in the afternoon, you probably won’t get your proceeds until the following business day.
Notify your lender (if you have a mortgage) of your new mailing address. Your lender probably has some money in your escrow account. Providing them the new address will assure you get your balance in you escrow account expeditiously.
Call your home owners insurance company and have them cancel your insurance policy. They will reimburse you for any unused amount on the policy. Provide them with your new address. Do this after the transaction is recorded and funded.
I hope this article helps you answer the question, What Happens at Closing for Home Sellers in Albuquerque NM?
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.