Bluefield, WV
304-323-2491
Princeton, WV
304-425-7563
Information for Sellers
Closing
Once all of the contingencies in the purchase agreement have been met and all inspections have been completed it's time to close on your home. A date will be set in the purchase contract between the buyer, seller, agent and title office to make the transfer final.
From the time a price is settled on it is usually about four to six weeks before closing. During this time be sure to contact your utility companies and notify them of the last date of service. You will also need to maintain the home as usual and make any repairs you have agreed upon with the buyer. Make sure you do not cancel your homeowners insurance until the transfer of the title is final.
At the closing you will receive a proceeds check if one is due to you. Closing costs will be deducted from this amount, so unless the sales price does not cover the cost of paying off your loan and the closing fees you will not need to produce any cash at the time of closing. Some of the closing costs you are expected to pay are:
- Agent Commission Fees – This is usually 6 percent of the purchase price of your home and is the fee paid to your agent for a job well done.
- Outstanding Mortgage – If you own more on your home than the purchase price you will need to settle with them before the closing.
- Title Search and Title Insurance – Nearly all states require a title search to be performed to make sure the property has no liens against it. Title insurance protects the lender and is required. Title insurance for the buyer is also required in some areas.
- Transfer Fees – These can be charged by your homeowners association.
- Transfer Taxes – These may be charged by your state, county or municipality.
There are many other closing costs possible depending on where you live and your individual situation. Ask the buyer's mortgage lender for a good faith estimate if they do not give one to you. It will outline all the fees you are expected to pay. Typically closing costs range from 8 – 13% of the total purchase price. Your real estate agent can explain the fees – to you in detail and help you through the whole closing process.
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Mike Tyree, Broker - Jeff and Nancy Livingston, Owners Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 02/23/2012. The listing information on this page last changed on 02/23/2012. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Mercer/Tazewell MLS (last updated Wed 02/22/2012 6:27:20 AM EST). Real estate listings held by brokerage firms other than C21 Select Properties may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
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