Below are answers to a few questions frequently asked by Home Sellers.

What happens at closing?

The transfer of title from you as the home seller to the home’s buyer is the final stage of each Oregon and Washington real estate transaction. A third-party escrow professional will facilitate the transfer of money and documents (including property title and deed) between you and the buyer. The escrow company prepares documents, draws up the closing statements, obtains necessary signatures, records documents and receives and disburses funds. 

If either seller or buyer cannot attend the closing, he or she can sign papers in advance, and/or grant power of attorney to a representative.

How do I receive payment from my home sale?

Proceeds from your home sale are released directly to you, the seller, via wire, automatic deposit, or check. Funds can also be deposited into an escrow account opened for the purchase of your next home.

How else should I prepare financially for my home sale?

• For future reference, make sure to keep your closing and settlement papers organized in a file.
• In the event that you have to pay capital gains tax, be sure to include receipts for any home improvements you made while you owned your ho.
• Determine what you may need to know as a Washington or Oregon home seller when next filing taxes. Contact the Internal Revenue Service directly at 800-TAX-FORM and ask for the following free publications, which are designed to assist you in the sale of your home:

521 Moving Expenses
523 Selling Your Home
527 Residential Rental Property
541 Partnerships
551 Basis of Assets
555 Community Property
561 Determining the Value of Donated Property
908 Bankruptcy Tax Guide
936 Home Mortgage Interest Deduction

How does my property get released to the new homeowners?

Your home’s buyer can take legal ownership once the closing papers have been completed and the deed recorded with the county. Prior to their possession date, you should start contacting the phone, electric, natural gas, garbage, and other utility companies to close any accounts relating to the home under your name.

Get more details about the closing process for your Portland/Vancouver area home sale by contacting your Coldwell Banker Seal Realtor® today.

Keywords:
Washington Real Estate Transaction, Portland Oregon Home Seller , Portland Oregon MLS Search,  Coldwell Banker Homes For Sale