Title Work, Closing & Moving
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TITLE WORK, CLOSING & MOVING

Congrats on making this far in your house-selling process!  This article explains the final steps leading up to Closing and some about the Closing Process.

Moving Preparation – Like anything, the more you prepare, the probability of a successful and low-stress move improves substantially.  The purpose of this article is to provide you and your family with some “moving efficiency” tips.

Before you pack a single item, take care of the documentation portion of your move:

  • Alert family and friends of your new address
  • Forward your old address at the Post Office
  • Change your address for the following:
    • Department of Motor Vehicles (DMV)
    • IRS
    • Banks
    • Doctors
    • Employers
    • Utility Companies; gas, electric, water, telephone, cable, and internet companies.
  • Request final utility bills and provide your forwarding address to your utility companies.
  • If you are planning to hire movers, get moving quotes from at least 3 moving companies.
  • Pack a “survival box” for any items that you may need during your first couple of days in your new home.  Items like toiletries, checkbook, keys, cell phone charger, laundry detergent, contact solution, paper plates, paper towel, plastic utensils, snacks, trash bags, etc.
  • Make sure all of the boxes are clearly labeled, and that you have reviewed the packing list before signing the moving bill.
  • Document your valuables with pictures prior to packing in case you need to file a damage claim after your move.
  • Whether you are planning to use professional movers or not, organize your personal items to maximize convenience when unpacking!
  • Obtaining your boxes and labeling material in advance, will help reduce the stress of the packing process.
  • Box labels should clearly identify the type of the contents and the location they belong…for example, “Kitchen/Dishes” or “Bedding/Master Bedrm”.
  • Have a “buddy list” prepared in case you need an extra set of hands or a vehicle to move some of the big items.  Save these phone numbers in your cell phone.

Final Walk-Through – Prepare for the buyers to conduct their final walk-through of your home prior to closing.  They will be assessing to ensure the property is still in the same condition as during their home inspection.  And if any repairs were agreed upon, the buyers will ensure that these repairs are completed to their satisfaction.

Closing Process – Next, you will head to the closing company (a.k.a. title company) to sign all of the title transfer documents.  In advance, the title company completes the title work, lien searches, and deed transfer for your transaction.

You will need to bring the following to Closing:

  • Picture ID
  • Any keys and garage door remotes
  • Final water meter reading

Next comes the document signing.  The document signing is quite a bit lighter for sellers (than buyers), so you will likely finish signing in about 20 minutes…whereas the buyers’ signing will take about 45 minutes.  After both parties complete their respective document signing, your title closer will make copies of your signed documents and provide you with a proceeds check (if you are fortunate to have equity in your home).

Closing Costs – Closing costs typically run about 6% – 7% of the sales price: Title fees, government fees, realtor commission, and prorations of taxes and insurance.  Here are some closing fee approximations:

  • Title Fees
    • Closing Fee:  This title company fee is around $325.
    • Title Search Fee:  $0 (Buyer only fee)
    • Title Examination Fee:  $0 (Buyer only fee)
    • Assessment Search Fee:  $35-$50
    • Courier Fees:  To courier documents back and forth during Closing and Recording process. ($100).
  • State & County Fees
    • Recording Service Fee:  $35-$50/each
    • State Deed Exchange Tax:  0.33% – 0.35% of the Sales Price
  • Realtor Commissions:  Seller pays commission for both the buyer and seller realtors (total of 6.0%)
  • Other Fees
    • Real Estate Broker Fee:  This fee goes towards errors and omission insurance at your realtor’s brokerage ($395-$495).
    • Prorated Property Taxes:  Taxes will be prorated down to the day.
    • Prorated Mortgage Interest:  Interest will be prorated down to the day.
    • Prorated Property Insurance:  Insurance will be prorated down to the day.

  • ABOUT AGENT

    Brian Carion is a RE/MAX Realtor®, Mechanical Engineer, and Real Estate Instructor in St. Paul, MN who holds his Masters degree in Mechanical Engineering from The University of Michigan. Please let us know how we can help!
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