Close on your home sale
You’re almost at the finish line! Here’s what to do in the days leading up to your scheduled closing.
- Look out for a closing disclosure. You’ll likely need to sign this form 1-3 days before closing. It contains every cost to be paid by the buyer and seller and your estimated net proceeds. Double-check all the numbers with your agent, and speak up if the numbers don’t look right.
- Clear out your house entirely. Your home should be completely empty before the buyer’s scheduled closing walk-through, so do another walk-through before then just in case you missed something.
- Hand the keys to your agent. Your realtor will likely need your house keys and garage door openers to hand over to the buyer’s agent.
- Find out when and where the closing is scheduled. Most of the paperwork has already been completed on your end.
- Keep in touch. Don’t be surprised if the closing doesn’t happen exactly at its scheduled time, as delays are common. Your agent should keep you updated on closing status 24/7.
💰Final step: Getting your paycheck!
Congratulations! After you and the buyer have signed all documents, the closing is official.
The home’s sale price will be used to pay out the realtor commission, closing costs, and cover any outstanding mortgages or liens owed on the property.
Your net proceeds can usually be wired to your bank account after closing. For more details on how to get paid, contact your agent, attorney, or title company.
Selling a home in Texas: Next steps
There are a few things you might want to do after closing.
Save your home sale documents
It’s best to keep both physical and digital copies of the home sale contract for your taxes and personal records.
Calculate your potential capital gains tax
You may or may not owe tax on the sale of your home.
The IRS excludes home sale gains of up to $250,000 for an individual and $500,000 for a married couple who’ve lived in and owned a home for at least two of the last five years.
Contact your tax advisor for more guidance on capital gains tax and if you’ll owe anything.
Notify the U.S. Postal Service and DMV
It’s a good idea to set up mail forwarding to your new address via the USPS website (it costs $1.10 to do so).
Are you staying in the state? The Texas DMV requires residents to fill out and submit a Change of Address for Texas Motor Vehicle form.
If you’re moving out of Texas, the state’s DMV says that you can keep your plates as a souvenir.
Consider showing your agent some love
Your realtor will be thrilled if you left them a positive Zillow review, or if you refer them to family and friends who are interested in buying or selling a home.
