​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).



Closing the Sale

Closing is a time of packing and organization. Be sure you do not pack anything that you agreed to sell! Unless you specifically mentioned certain fixtures, everything must remain in place.

You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was in the agreement. If the home suffers a major disaster, you are responsible for telling the buyer, at which point the buyer may walk away from the deal and have the deposit returned. The buyer may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do.



The Closing

Once signing the agreement, both the seller and buyer are under a legal obligation to close. If you decide not to for whatever reason, the buyer has the right to sue.

If the buyer decides to walk away from the deal, you can claim the buyer's deposit or sue for damages.