Selling a home involves more than just finding a buyer. Several costs must be settled at closing, and understanding them in advance helps avoid surprises and ensures a smooth transaction.
Before closing, you'll authorize the title company or attorney to obtain your final mortgage payoff amount. This ensures the exact balance is calculated through your closing date. The title company will issue a check directly from your proceeds to pay off the mortgage in full.
If you have a home equity line of credit or second mortgage, these must also be paid off. The closing company will confirm the balances, and pay them from your sale proceeds at closing.
Some mortgages include a prepayment penalty. Even if your latest statement shows the principal balance, you may owe extra interest or fees based on your closing date. Confirm this early with your lender.
A title search will identify any unpaid property taxes, municipal liens, or judgments against the property. These must be satisfied before closing. The title company will pay these on your behalf from your proceeds.
Special assessments for local improvements—such as road paving, sewer, or water connections—may apply. Depending on the contract, they may need to be paid off at closing or assumed by the buyer. In either case, your title company will handle the payment process.
Selling your home doesn’t have to be complicated—especially when you’re backed by an experienced team that helps you maximize your profit and minimize the stress.
The Roselli Team is here to guide you through every step of the selling process—from pricing and staging to closing day.
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