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Tuesday, March 25, 2014

OK, we closed. I have the money. Anything else I should know?

Part 12 of 12 in the series of the answers to frequently asked questions of sellers.

Answer – Good for you. Now get that check in the bank and get on with life. If I can help you find a new place to live, let me know.

If you lived in Michigan you should have received a form to allow you to rescind the homestead exemption on that house. Be sure to file that or have the title company file it. If you plan to buy another house or maybe already have another house in Michigan, you can only “Homestead” one property at the time; so get the old house off the books and Homestead the new one.

If there was an escrow amount held to cover the last water bill, make sure you follow up on that, so that you can get any balance that is left back. Some places only bill quarterly; so, don’t forget about it. If the bill is sent to the house, make sure that the new owners know what to do with it. 
Most of the time, they can just forward it to your title company for payment.

If you had occupancy after closing, make sure that you leave the place “broom clean” when you leave and take the keys into wherever it was agreed upon for the turn-in. Make sure that you sign a turn in form and get a copy. The buyer is supposed to submit that form to the title company that is holding the occupancy escrow, so that you can get any balance back. If there was a damage deposit, be sure that you got a damage release signed by the buyer, so that you can get that back or negotiate with him on a damage settlement amount and then claim the balance.

If you haven’t already done so, inform your home insurance company that you have sold the house and moved out, so that they can calculate a rebate for the unused insurance premium and get that to you.

Make sure that you put the closing packet somewhere safe and when you get the payoff letter for the mortgage (if you didn't get one at closing) put it with the paperwork.

Depending upon what you do now – buy another home or not – you should also get with your tax adviser so that you’ll understand the tax consequences of this sale and what you may need to plan for to deal with that.

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