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What To Expect On Closing Day A Checklist For Home Sellers In Maryland

What To Expect On Closing Day: A Checklist For Home Sellers In Maryland

If this is your first time selling a house in Maryland, the entire process might seem overwhelming and frustrating. You want to sell a house fast in Maryland and move on to the next stage of your life, but there’s such a long way to go. There are tons of steps to complete, including staging and hosting open houses! But once these steps are complete you can attempt to close a deal.

In this article, we walk you through everything you need to know to ensure that the home closing process goes off without a hitch from start to finish!

Closing Is The Last Mile Of The Home Selling Journey

On closing day, both parties—the seller and buyer—sign the final paperwork, which includes ownership details and important insurance information. Once this is done, the home sale is complete and the buyer becomes the legal owner of the property.

Generally, closing will take place four to six weeks after you have signed the sale agreement. During this interim period, an escrow agent will hold the buyer’s funds until all contingencies, like the home inspection and the appraisal, are met.

What Happens On The Closing Day?

The closing process usually takes place at a title company, an involved real estate agent’s office, or an attorney’s office. Along with the buyer, you can expect the following people to be there at closing:

  • The buyer’s estate agent and your own.
  • A representative from the title company.
  • The loan officer.
  • Real estate attorneys who are hired by either side.

Budget For Closing Costs

Sadly, you must pay closing costs before completing the sale. Expect to pay around 5% to 10% of the selling price in closing costs. Usually, this amount is deducted from the selling price. For example, if your home’s selling price is $300,000, you can expect to pay around $15,000 to $30,000 in closing costs.

The closing cost includes:

  • Transfer taxes
  • Real estate agent commissions
  • Loan payoff costs
  • Recording fees
  • Property taxes
  • Escrow fees
  • Attorney charges
  • Unpaid homeowner association dues

You can avoid all these costs by selling your home to cash home buyers in Maryland. Cash buyers are real estate investors who pay for houses out of pocket, and they’ll help you complete the closing process quickly and smoothly. The best part is that they’ll pay all the closing costs so you don’t have to pay anything out of pocket.

What To Bring On Closing Day?

Make sure to have these items with you on closing day:

  • A copy of the ratified sales contract.
  • Keys to your house, including gate keys, room keys, mailbox keys, garage keys.
  • A government-issued photo identity.
  • Proof of wire transfer or a cashier’s check.

The Final Stretch

Before you rush to move into your new place, make sure you do these two things:

  • Transfer Utilities: Make sure to transfer all the utilities to the new buyer’s name so the bills are not wrongly addressed to you.
  • Change Your Address: You don’t want to leave your mail behind. Set up a forwarding address so all mail can be redirected to your new place.

Finally – It’s Time To Celebrate

Congrats! You’ve officially sold your home. It’s time to start enjoying the next phase of your life!

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