Home Has Sold... Now What?

Selling a home is an incredibly stressful process a lot of the time. You may have a lot of worries riding on whether or not the home sale will go through, if the paperwork will be accurate, and several other natural concerns that come with selling a house. Arrowhead Title is the best title company at the Lake of the Ozarks, so we understand how frustrating the process can be if it's not done correctly.

Once the house is sold and you are comfortably settled in your new dream home, you may not want to think about the old house any more... Out of sight, out of mind. However, there are a few important steps that you need to follow to make sure the transition is smooth and nothing is missed that could cause issues for you later. Keep reading to learn more!

Release the 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.

Close Escrow Account

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!

"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.

Cancel 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.

Update Tax Information

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.

Keep Your 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. 

Arrowhead Title is the best title company at the Lake of the Ozarks because we prioritize accuracy and integrity in every real estate transaction. We do everything we can to help make sure the closing day goes as smoothly as possible. If you have any questions about what's to come as the seller on closing day, give us a call and we will be more than happy to help!

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

750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049


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