It is always best to know what you need to have available before your real estate closing. To that end, here is a Seller’s Checklist of the information our closing attorneys will need when helping you close on the sale of real property in South Carolina.
The Seller’s Checklist
- Seller(s) SSN
- Seller(s) forwarding address
- Seller(s) payoff information (Lender name/phone # and loan #) for all mortgages on the property (including Home Equity Lines) even if it has a zero balance
- HOA contact – annual dues amount, term (i.e. calendar year or otherwise), HOA contact person name and phone # to confirm HOA dues information
- Copies of all bills or other items to be charged to seller(s) on closing statement
- If seller(s) would like the net proceeds of sale to be wired, we will need written wiring instructions and our completed wiring form. Seller(s) will receive an attorney trust account check at closing unless funds are to be wired. Attorney trust account check may be exchanged for a certified check, cashiers or official bank check at the financial institution on which it is drawn.
- Repairs and other work items should be completed prior to closing and also in time for buyer inspection of work and any further work to be completed and finally inspected by the buyer or their inspector prior to closing. All repairs should be made by a licensed builder or other licensed professional (as applicable or unless otherwise agreed to in writing by the buyer. Failure to make repairs in a timely manner prior to closing may delay closing.
- Bring government issued picture identification card to closing for verification of identity
- If property is held in a trust then the seller will need to provide a copy of the trust agreement to the closing attorney prior to closing.
- Property should be clean and in order for a final walk through prior to closing by the buyers.
- DO NOT cancel homeowner’s insurance coverage prior to closing as if closing is delayed then property may be uninsured if insurance cannot be reinstated. Homeowner’s insurance typically can be canceled after closing retroactive to the closing date. The insurance agent should be contacted with any questions
on canceling coverage.
- Funds may not be disbursed by the closing attorney until both lender funds have been received by wire transfer and the lender approves disbursement on the closing.
- Payoff(s) of property liens should be received by the lienholder within two (2) business days following closing (typically the next business day following
closing). Sellers should check with lienholders approximately five to seven business days after closing to verify that payoff(s) have been received and
properly credited to the account(s) of the seller(s). Any refund of escrow accounts are typically issued by the lender within twenty to thirty days of payoff.
Looking for the Buyer’s Checklist. Check it out here!