When you’re ready
to close on the sale of your home and move to your new home, you may be so
close to the finish line that you coast, thinking there’s nothing left for
you to do. Not so fast. It’s easy to waste a few dollars here and for
mistakes to creep into your closing documents there, all adding up to a
bundle of lost profit. Spot money-losing problems with these seven tips.
1. Take services out of your name
Avoid a dispute with the buyers after closing over things
like fees for the cable service you forgot to discontinue. Contact every
utility and service provider to end or transfer service to your new
address as of the closing date.
If you’re on an automatic-fill schedule for heating oil or propane, don’t
pay for a pre-closing refill that provides free fuel for the new owner.
Contact your insurer to terminate coverage on your old home, get coverage
on your new home, and ask whether you’re entitled to a refund of prepaid
premium.
2. Spread the word on your change of
address
Provide the post office with your forwarding address two to
four weeks before the closing. Also notify credit card companies,
publication subscription departments, friends and family, and your
financial institutions of your new address.
3. Manage the movers
Scrutinize your moving company’s estimate. If you’re making
a long-distance move, which is often billed according to weight, note the
weight of your property and watch so the movers don’t use excessive
padding to boost the weight. Also check with your homeowners insurer about
coverage for your move. Usually movers cover only what they pack.
4. Do the settlement math
Title company employees are only human, so they can make
mistakes. The day before your closing, check the math on your HUD-1
Settlement Statement.
5. Review charges on your settlement
statement
Are all mortgages being paid off, and are the payoff
amounts correct? Also check whether your title company added fees that
weren’t disclosed earlier.
6. Search for missing credits
Be sure the settlement company properly credited you for
prepaid expenses, such as property taxes and homeowners association fees,
if applicable. If you’ve prepaid taxes for the year, you’re entitled to a
credit for the time you no longer own the home. Have you been credited for
heating oil or propane left in the tank?
7. Don’t leave money in escrow
End your home sale closing with nothing unresolved. Make
sure the title company releases money already held in escrow for you, and
avoid leaving sales proceeds in a new escrow to be dickered over later.