What is involved
with closing the sale?
On or before closing day, lawyers for the seller and the
buyer will set up a trust account for the money coming from
the sale. This money will be used to pay off any mortgages
you owe on the property, after which you receive the
balance.
Your lawyer should also ensure that
you receive compensation for pre-paid expenses, such as
property taxes, electrical or gas bills, or, if applicable,
heating oil left in your tank.
You will give the property deed or
transfer documents, mortgage details, and keys to your
lawyer. Your lawyer will register the mortgage discharge and
transfer the deed at closing.
You will also pay the listing
brokerage company their compensation (your lawyer can
arrange the payment from the proceeds of the sale). |
