Every homeowners wants to be sure that they are walking away with all the money they are entitled to from the sale of their home. South Carolina REALTOR® Stephen Cooley cautions sellers to make sure to check the math on all documents before closing, because anyone can make a mistake
Every homeowners wants to be sure that they are walking away with all the money they are entitled to from the sale of their home.
South Carolina REALTOR® Stephen Cooley cautions sellers to make sure to check the math on all documents before closing, because anyone can make a mistake.
“When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.
1. Take services out of your name
Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.
If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund or prepaid premium.
2. Spread the word on your change of address
Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.
3. Manage the movers
Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.
4. Do the settlement math
Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.
5. Review charges on your settlement statement
Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras—such as a discounted commission or a home warranty policy—make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.”
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Tips for a Profitable Home Closing