Selling Real Estate Series Part 13 – Possession

Congrats, you’ve sold your home and it’s time to think about the possession!

Not only is it time to pack, there are some other logistics to consider too.

Start budgeting now for taxes, fees and closing costs so you don’t get ugly surprises later on. Along with the commission (which comes out of the proceeds of the sale and typically pays both the buyer’s agent and seller’s agent), you’ll need to pay legal fees and closing costs, which cover reviewing contracts, transferring titles and disbursing mortgages. Legal fees and closing costs can range based on the sale price, your marketplace, whether the lawyer has a flat fee and some other factors, but can fall in the range of $1,200-$2,000.

Be prepared to pay any owed property taxes or special assessments by your condo board.

You must leave the home in the same condition in which the buyer viewed it, so any damage to the walls or floors during moving must be repaired.  And the general rule is to leave the house as clean as you’d like to find your new home. It’s also appreciated when the seller provides relevant information for the buyers such as warranty for the appliances or details about garbage pick up.

Also consider updating your address, forwarding your mail, cancelling your utilities, internet, TV, and transferring or cancelling your property insurance.

On possession day, the funds should be delivered to your lawyer by noon.  When they receive the funds, they give us permission to release the keys to the new buyer officially completing the sale.  Your lawyer should have provided you with details about how you will receive the proceeds from the sale.

Now you celebrate!

For more information on selling your home pick up a copy of POSITIVELY SOLD, read more on The Selling Series, or view our selling strategy.

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