Steps to Follow After a Successful Closing
You made it! You sold your house. Selling a home is usually not something most people feel excited about. But right after you sign the papers and give away the keys the satisfaction of hitting the finish line kicks in and significant weight is off your shoulders.
However, there are still tasks that need to be taken care of. Here is a checklist you can follow to avoid future headaches for yourself.
Take a look below at all the tasks you need to do after selling your house.
📑Put Your Closing Packet In A Safe Place.
Keep all the property-related paperwork in order. It might be tempting to just forget about it and move on, but this is not the best idea in the long run. All paperwork related to the sale of the house should be kept safe and available for tax time. You will need proof of the expenses you paid and the money that came from the sale.
Keep copies of all documents, physically and digitally. You can scan the documents and upload them to a cloud service platform such as Google Drive or Dropbox.
Make sure to cancel all utilities and stop the newspaper. You can make a list of all phone numbers related to utility and entertainment companies in advance. Remember that not every utility needs to be paid monthly.
🏡Change of Address.
Let people know about your move Don’t forget to submit a change-of-address form to the post office a few weeks before your move. You can change your address directly on the USPS Website here, to make sure you don’t miss any mail. One of the most important groups to notify is the IRS. The last thing you need is ay tax information arriving at the wrong place.
📞Cancel your insurance policies.
Once the deed has been recorded and the title transfer has formally occurred you can contact your insurance agent. You might receive a refund on any prepaid premiums for your homeowner insurance.
👨💼Notify your accountant of the sale.
Make sure to notify your trustworthy account since you are definitely going to need their services when tax time comes. Research your tax laws or ask your accountant to make sure you have everything in order.
🌡Check all meters, including oil tanks, to get an accurate reading.
Don’t forget to take a meter reading before you leave. You need to give this number to customer service when you call to have the utilities shut off. Make sure to have the tank read too if you have oil.
📂Leave essential documents for the new owners.
You should also leave a folder of essential documents for the new homeowners. It’s a nice gesture and makes the process a little easier for them. In the folder, you could include appliance manuals, warranties, any useful tips about the property, and a list of contractors you have used in the past.
🧾Keep records related to home improvement.
The IRS may allow you to use home improvement-related expenses to improve your tax situation. You’ll need all the documentation of the improvements you paid while you owned the property if you plan to take advantage of this. This does not include general maintenance or repairs.
Our team would be happy to assist you in selling or buying your next property! Make sure to contact us if you have any questions.