During the closing period but prior to the actual closing day, a New Orleans home seller has several important responsibilities, which include keeping the property in good condition; completing any repairs to the home that may have been determined necessary during an inspection; notifying the utility companies of the final service date; and reviewing any documents drafted after a survey of the property was completed.
Things You Need to Do to Close the Deal
You’ve just sold your home and you’re feeling like all your hard work has finally paid off. But you still have a few hoops to jump through before you are ready to take your place at the closing table.
Here are a few things you will need to do before the deal is completely sealed:
Before Closing
During the closing period but prior to the actual closing day, the seller has several important responsibilities, which include:
- Finding a new place to live, be it buying another home in New Orleans or a space to rent in the interim.
- Moving all your personal belongings and furniture out of your home and leaving it reasonably clean.
- Keeping the property in good condition.
- Completing any repairs to the home that may have been determined necessary during an inspection.
- Notifying the utility companies of the final service date.
- Reviewing any documents drafted after a survey of the property was completed.
- Remaining in contact with the title company and providing any necessary information or documentation on the property to ensure a clean title can be provided in a time period consistent with the purchase agreement.
- Scheduling the end of your homeowner’s policy and ensuring that you get a proper pro-rated refund of your premium.
- Providing the buyer with a final walkthrough, if requested.
Closing Day
On closing day, you will attend the closing and, along with the buyer, will be asked to sign a number of documents. You will also need to provide the following items to your title company:
- The deed to the home, if you own it outright and it has no mortgage or liens against it.
- Your photo ID (driver’s license or passport).
- A certified check in the amount required by escrow.
- A blank personal check in case there’s an unforeseen cost or last-minute arrangement that can’t be handled by the title company. (It never hurts to be prepared.)
- The keys and any applicable security codes.
- Warranty and instruction booklets for the heating, cooling, and plumbing systems as well as any appliances staying with the house.
Depending on the terms negotiated and specified in your Louisiana Residential Agreement to Buy or Sell, you will also need to pay some expenses at closing, which typically include:
- The outstanding mortgage
- Real estate commissions
- Utility bills
- Prorated mortgage insurance and property taxes
- Credit report
- Condominium dues, if applicable
- Escrow, title, and attorney fees
- Settlement fees
- Flood certification fees
The costs you agreed to pay at closing will be deducted from the selling price or proceeds, unless the sales price does not completely pay off your loan and other costs of the sale. It’s important to make sure that figures provided by the title company on closing day are in line with what you previously agreed with.
The title company will handle sending your lender the full payment of your outstanding mortgage, and you should then receive a release of mortgage for your safekeeping.
Ensure a Smooth Closing With an Experienced New Orleans Realtor
Closing day is a big event in the lives of both buyers and sellers. Working with a real estate agency that stays on top of the property transaction from start to finish can help your closing go smoothly and help you avoid any surprises. Contact our team when you’re ready to sell your NOLA home and experience the benefits of hiring a hands-on boutique agency.