CHAPTER 16 Once You’ve Sold Your Home our Home
STEP 7: THE CLOSING
On the close date you will meet with your real estate notary to sign your sale and mortgage documents. This appointment will take about 1 hour, during which the notary will review all documents with you and have you sign all legal papers. Bring in any deposit money that is required to close the sale at this time. The notary will receive the required money to close the transaction from the buyer and his financial institution. All expected closing costs should already have been covered and put into writing between you and the buyer. The following items are commonly paid for by sellers at closing, although this is not set in stone. • Balance of Purchase Price —(if applicable) the purchase price less the buyer’s initial deposit (the latter could be anywhere from 5% to 20%) • Legal Fees — amount depends on sellers loans attached to the property (approximately $800 to $1200) • Title Insurance — sometimes included in legal fees ($250-$400) • Real Estate Broker Commission — if you use an agency/ real estate professional to sell your home. • Adjustments/Prorated Costs for Annual Expenses — includes property taxes, condominium fees, and utilities • Other Fees Sometimes Paid by Seller — appraisals, 85
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