Closing the Sale
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).
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