Once you and your buyer have signed the offer-to-purchase contract, start to prepare for the closing. Your title attorney will provide proof of marketable title and help you deliver the deed.

Your real estate agent will help arrange for any inspections required by the buyer, and then follow up with proof of completed repairs. You should cancel utilities and services for the day you move out or on the closing date. No sense paying for full utilities in an empty house. If you are selling your house in cold weather, don't cancel the heat, but do arrange for a end reading on the closing date.

Ask for a copy of the settlement statement shortly before closing so that you can review all items and costs, including allocations between you and the buyer. It is important that you understand what is actually happening during your closing, and how money and legal documents will be changing hands.

The day of closing
State law governs real estate transactions, so they will vary from state to state. At closing the buyer receives marketable title, you receive the purchase price, and certain other items are adjusted between you and the buyer, according to local custom. Here are steps you can expect, no matter where you are.

• The closing agent will list the money the buyer owes you (such as the remainder of the down payment and prepaid taxes), and the money you owe the buyer (such as unpaid taxes).



• You will provide proof of inspections and repairs.



• The buyer will sign the mortgage documents, promising to repay the loan.



• You will give the buyer the title to the house as a signed deed. This is the most important document at closing.



• You and the buyer will pay closing costs, including attorney's fees, property taxes, transfer tax, interest, loan origination fee, recording and survey fees, title insurance, loan discount points, and any documentation preparation fees.



• You and the buyer will receive a settlement statement.



• You will receive the purchase price, in the form of a check or confirmation of funds wired to a designated account.

There are other expenses that appear on the settlement sheet as a credit or debit to you or the buyer. These expenses include your prepaid taxes, insurance, and utility charges. Ask your real estate agent to explain anything you don't understand.