What Steps Should You Take After You Sell Your Home?

Congratulations, you've sold your home! Now what?

There are a few more steps you will want to take to help ensure a smooth transition. As experts in real estate transactions at the Lake of the Ozarks, Arrowhead Title is here to help! We have several important steps to share with you on what to do after you've signed the papers to sell your home. Read on to learn more, and give us a call to ask any questions you may have.

Cancel Home Insurance

Call your home insurance agent and cancel the policy on your previous home. Even if you've used the same agent for your new home, they will need an official cancellation for your previous home owner's policy. You may have a pro-rated amount returned to you as well.

Closing Escrow

Your escrow account on your old home will likely have an amount remaining in it. 15-30 business days after your payoff date, these funds should be refunded to you. We are escrow experts at the Lake of the Ozarks, so give us a call if you're wondering how your escrow account is supposed to work and we can help!

Release of Lien

Once you have paid off your home, the existing lien should be removed so that your ownership change is accurately reflected on all statements of credit. Your creditor will sign a Mortgage Release of Lien Certificate in order to authorize this action once it has been completed. If something goes wrong at this stage, it could appear on some records that you own and are responsible for the home. Make sure this doesn't happen to you - verify that the Lien Release has been completed.

Mark Promissory Note as "Paid in Full"

When you took out the mortgage on your home, you had to sign a document called a Promissory Note, which essentially promised you would pay back the amount that was lent to you. This document must be marked as "paid in full" to indicate that your mortgage is paid off and you no longer owe the creditor. This could cause quite a few expensive problems if your note is not marked as paid.

Update Your Ownership with Taxing Appraisal District

Contact your Taxing Appraisal District to let them know that you are no longer the owners of the home you sold. This is important during tax season so your property taxes are accurately assessed and you aren't over-charged.

Retain the Closing Statement

After you've closed on your home, it is highly important to keep all of the closing documents for your records. If any questions or concerns come up in the future, you will be able to refer to these documents to help straighten out any confusion or issues that arise. 

Consult with Your Title Company

If you have any questions about the process - what documents to retain, what the next steps should be for you, etc. - speak with your title company representative. Arrowhead Title is an excellent resource for our clients, as we are the best title company at the Lake of the Ozarks. We would love to help you through your next home purchase.

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!

750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


Popular posts from this blog

Title Commitment vs Title Report

9 Fun Facts About Title Insurance

Why Would I Need a Title Search vs Owners and Encumbrance