For the seller, the closing isn’t going to be as stress-provoking as it can be for the buyer. In fact, for sellers, closings are eagerly awaited because it’s pay-off time. Even so, you will have a number of details to look after. To be on the safe side, do some contingency planning to protect yourself against delays.

Your buyer is obligated to secure financing within a reasonable period of time. But delays do occur. So, if you’re selling your house in order to buy or lease another residence, and your buyer is doing the same thing, any slowdown along the line causes a chain reaction that affects you.

Living Arrangements

You should have some back-up living arrangement in place in case your closing is delayed. Then, if you can’t close on the residence you plan to move into, you won’t feel as though you have to pitch a tent on the sidewalk.

Your agent knows all about this kind of problem and may be able to help you find temporary quarters at a reasonable price if it looks as though you might need them.

While you’re waiting, you’ll want to find out if you are due any refunds from your mortgage lender for prepaid taxes, home insurance, or mortgage insurance. Request a pay-off statement from your lender since this is your money. It can amount to several thousand dollars, so the effort is worth the investment of your time.

Buyers usually like to make a last-minute inspection, generally on the day of the closing or just before it is scheduled to take place. They simply want to make sure that everything is there and in good shape. If the buyer doesn’t contact you about this inspection, set it up yourself. It’s as much a protection for you as it is for the buyer.

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What to Bring

When you go to the closing, you’ll already have a list of the fees you’ll be expected to pay out of the proceeds of the sale. That will include the agent’s commission, any attorney’s fees, and any other fees you’ve agreed to pay in your contract with the buyer, i.e., title check and insurance, home inspection, and so on. If you’re being charged a fee you don’t feel you should have to pay, the time to bring it up is before the closing.

You should also bring with you any documents relating to the property – old surveys, certificates of occupancy, building permits, or any other correspondence with municipalities, real estate agents, or insurers. You’d be surprised at how often in the middle of a closing the bank’s representative will say, “But where is …… ?” while everyone looks blankly at one another because no one thought to bring it.

While the closing process is generally similar across the United States, there are a few aspects specific to the state of Florida that you should be aware of to protect yourself when selling your house:

Documentary stamp taxes: Florida imposes documentary stamp taxes on the transfer of real property. As a seller, you’ll be responsible for paying this tax, which is based on the sales price of the property. Be sure to account for this expense when calculating your net proceeds from the sale.

Florida Homestead Exemption: If you have claimed a homestead exemption on the property you’re selling, be aware that you’ll need to establish a new homestead exemption on your new primary residence by March 1st to maintain the exemption.

Property taxes: In Florida, property taxes are paid in arrears, meaning the current year’s taxes are due the following year. During the closing, property taxes will be prorated based on the closing date, and you’ll be responsible for paying your portion of the taxes up until the closing date.

Flood zones and insurance: Florida is prone to flooding, and many properties may be located within designated flood zones. Ensure that the buyer is aware of any flood zone designations and that they secure the necessary flood insurance if required. This information should be disclosed during the sales process.

Condominium or homeowner’s association (HOA) disclosures: If the property is part of a condominium or HOA, Florida law requires you to provide the buyer with specific disclosures and documents related to the association. Make sure you’re familiar with these requirements and provide the necessary information.

Sinkhole and other natural hazard disclosures: Florida has specific disclosure requirements related to sinkholes and other natural hazards that may affect a property. Be sure to disclose any known sinkhole activity, repairs, or other relevant information to the buyer.

Last, but not least, you should make sure everything you intend to keep is removed from the property before the closing. Legally, anything you leave behind belongs to the buyer and misunderstandings over who gets what can easily flare up if you come back a few days later to pick up something you didn’t intend to include in the sale.

Oh. Bring the keys. Although buyers usually will change the locks anyway, handing over the keys is a nice symbolic gesture everyone enjoys. •