🏁 Seller’s Final Checklist After Closing Escrow
After closing on your home, take these important final steps to ensure everything is wrapped up properly and protect yourself moving forward:
✅ 1. Confirm Final Settlement
Review your final settlement statement (also known as the closing disclosure or HUD-1) for accuracy.
Make sure your net proceeds were correctly wired or deposited into your account.
✅ 2. Cancel or Transfer Home Services
Cancel or transfer:
Utilities: electricity, water, gas, trash, internet, cable
Homeowner’s insurance (confirm recording before canceling)
Landscaping, pool, pest control, or cleaning services
Update your address with USPS and any subscriptions or billing services.
✅ 3. Provide Access to the Buyer
Hand over:
All keys, garage openers, mailbox keys, gate remotes, and security codes
Appliance manuals, warranties, and service/maintenance records
✅ 4. Handle Mortgage and Property Tax Records
Confirm your mortgage is fully paid and the balance is zero.
Contact your county tax assessor to ensure your name is removed from the property’s title and tax roll.
✅ 5. Keep All Important Documents
Save copies (digital and physical) of:
Final settlement statement
Signed closing disclosures
Purchase agreement and counteroffers
Escrow closing confirmation
These will be useful for tax filing or future reference, especially with capital gains or 1031 exchanges.
✅ 6. Talk to a Tax Professional
Consult a CPA to understand potential capital gains taxes, especially if your profit exceeds IRS exemptions:
$250,000 for single filers
$500,000 for married couples
Plan to report the sale on next year’s tax return, if required.
✅ 7. Notify Your HOA (If Applicable)
Let your homeowners’ association know the home was sold and update your contact info as needed.
✅ 8. Celebrate This Huge Milestone! 🎉
You’ve successfully closed escrow—take time to celebrate the end of one chapter and the exciting possibilities ahead!