Step 30 To Selling a Home: Your Final Closing Numbers

Earlier in the contract process, likely just after we conclude the due diligence period, the closing attorney will have sent you a request for information. They will likely be asking you for, among other things, your loan numbers and information for your current mortgage(s). They will order your official mortgage loan payoff amount from your current mortgage company. If you live in a neighborhood or complex with a mandatory Homeowner's Association, they will also order an account statement letter on your behalf (there will likely a charge for this, and in Georgia the cost of the HOA account statement letter is the seller's responsibility).  

About 3 to 5 days before closing we should be able to review a preliminary closing statement, which shows your numbers for closing. The final, bottom-line number may change slightly between here and the closing day for a few reasons: if the closing attorney hasn't received the HOA account statement letter yet, if they haven't received your final water bills statement yet, or if the lender hasn't approved the buyer's final numbers yet (which only affects you if you are making a contribution to the buyer's closing costs, per the contract). 

The preliminary closing statement should be very close to the final numbers, though, and should certainly give you an idea of what your final proceeds will be. (It should also be very close to the Estimated Net To Seller sheet that we provided to you when we negotiated the contract.)

We will review the preliminary closing statement, to check for any errors or oversights, and then we will forward it to you, with a detailed explanation to make sure you understand it prior to closing.

When we get to closing, the closing attorney will explain it again, and we will be able to ask any questions about any changes from the preliminary statement before you sign off on the final numbers.