No doubt it feels good to accept an offer on your property or close a home sale. Some folks in this situation will get to give themselves a toast and celebrate. Of course, it’s a cause for celebration, but experienced home sellers will get to work on the post-sale paperwork and other stuff after they have sold a property. 

The fact is there are many things to do post-sale that you can’t just ignore. Better take note of this checklist if you’ve successfully closed a home sale.

Keep Your Post-Sale Paperwork

Dealing with paperwork can be stressful, especially if you’re not used to it. But keeping all the documents organized is crucial after you accept an offer. Your real estate agent and a lawyer can assist you with this process. So, make sure to ask everything you need to know and take note of the post-sale paperwork you need to keep. 

Here’s a list of documents to keep after closing on your property.

• Purchasing Contracts. There will be contracts once the homebuyer makes an offer. When you and the buyer reach an agreement, these papers have to be signed. You must keep these documents because they’re essential after a home sale. 

• Seller’s Disclosure. You have to disclose things about the condition of the home that the potential buyer may find unfavorable. This document is crucial for both the buyer and seller of the property. 

• Sale of Principal Residence. You can be exempted from paying taxes if you’re selling your principal residence. So, keep this document to claim an exemption from capital gains tax for your property sale. 

• Receipts on Home Renovations and Additions. Keep the receipts of the expenses for your home renovations and additions to minimize your taxes. 

• Property Transfer Papers. Keep the documents required for the transfer of property to the buyer. Foremost is the transfer of property deed. 

• Property Insurance. It’s also important to keep this document in a safe place because you might need it later. 

Put the Money in the Market Fund

This option is an excellent thing to do if you choose not to immediately purchase a new home after you’ve successfully sold the previous one. You can put your proceeds in a money market fund because it can provide you with good returns. It’s safe, and you can access your money daily and write checks if you want. 

Don’t Get Pressured to Buy a New Home Immediately

Again, this is just an option. You can either go for it or not. But to support the case of not purchasing a new home immediately, you can rent in a neighborhood that interests you before buying. 

Take note that you have two years of tax deferral on your home-sale proceeds. So, you might as well use that money to rent out a property for the sake of trying out a neighborhood. If you like the area, you can buy a house in it where you can take residence.

Rethink Your Personal Finances

You don’t know what will happen with your life before you can buy a new property. Probably you’ll have a new baby, get fired from work, or go through other financial hardships. In such cases, you need to reevaluate your personal finances and determine how much you can afford for a new home. 

Consider if Your Selling Agent Can Help You with Your Next Home Purchase

Selling and buying a house are two different things, and they require specific knowledge and skills. But if the real estate agent who assisted you in the home sale has experience in helping clients buy a home, you can consider hiring him to help you in your next property purchase. 

In this way, you don’t have to get used to a new agent. Also, you can talk with your former agent to give you discounted agent fees in exchange for giving him a new project. 

Change Address

Once you have your new home, it’s time to update your address. You need to change your mailing address two to three weeks before moving to your new home. You should also update your vehicle permit, driver’s license, and health card. 

Transfer or Cancel Your Utilities

Make sure that you schedule transferring or canceling your utilities. You should have your cable, internet, electricity, and water utilities up and running before you move into your new property. It will be a real problem if you can’t access Wi-Fi when you’re in your new home. 

Final Thoughts

Successfully selling your house is a cause for celebration indeed. But you mustn’t neglect the things you should do after you receive an offer or close a home sale. For instance, if you’re selling your principal residence, you should consider buying a new house or renting a new property.

Also, never forget the transfer of property deed and the paperwork that can help you save from capital gains tax.