Sellers.

The Closing Process

What Happens When You Sell Your Home?

The first step is choosing a professional real estate agent who will represent you and guide you through the process. Once you start working together, your agent will list your home and market it to potential buyers. When a buyer makes an offer, you’ll have a few options. You can accept the offer, negotiate by making a counteroffer, or decide to decline it altogether. After you accept an offer, the sale moves forward and there will be a few more steps to complete before closing.

  1. Earnest money is deposited into the listing broker’s trust account.

  2. The buyer or Buyer's Agent orders inspections, receives clearances, and approves final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (responsibility for inspection procedures may vary).

  3. Seller submits documents and information to the Title Company, such as:

    • Account info for lien holders, if any,

    • Homeowner association info, if any,

    • Home warranty contracts, if any,

    • Any leases and/or rental agreements.

  4. Completion of appraisal by Buyer’s lender, if applicable.

  5. The seller will execute all required escrow documents with the Title Company.

  6. Buyer and Seller fulfill any remaining conditions specified in the contract.

  7. Buyer and Seller approve any final changes by signing amendments to the contract.

Note: The above is general information only. Your situation may differ. Please consult your real estate professional for details about your specific situation.

Sellers Financial Responsibilities

  • The process of selling your home involves several costs and fees. The following information is very general. Many of these items can be negotiated with the buyer. Consult your real estate professional for details.

    1. Real estate commission.

    2. Document preparation fee for deed or other documents.

    3. Documentary transfer tax (State Deed Tax).

    4. Any loan fees required by buyer’s lender and agreed to in the contract.

    5. Payoff of all loans in seller’s name.

    6. Interest accrued to lender being paid off, statement fees, reconveyance fees and any prepayment penalties.

    7. Home warranty, if applicable.

    8. Any judgments, tax liens, etc., against the seller.

    9. Tax proration (for any taxes unpaid at time of transfer of title).

    10. Any unpaid homeowner’s dues.

    11. Any unpaid assessments as agreed upon in the contract.

    12. Any water or utility balances due through the closing or possession date.

    13. Recording charges to clear all documents of record against seller.

    14. Any assessments (according to contract).

    15. Any and all delinquent taxes.

    16. Notary fees.

    17. Escrow fees (according to contract).

    18. Title insurance premium (according to contract), if applicable.

  • Be sure to bring the following items to your appointment:

    • Picture identification,

    • Social Security Number(s),

    • If married, both spouses must attend closing,

    • If you anticipate negative proceeds funds will need to be wired. Contact your closer for the amount that needs to be wired to the title company.

    • Keys and garage door opener(s) to be given to buyer at closing,

    • Code Compliance/Certificate of Approval from the city for the following: Bloomington, Crystal, Hopkins, Minneapolis, New Hope, Richfield, St. Louis Park, Osseo, Brooklyn Park, Golden Valley, Maplewood, St. Paul, South St. Paul

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