I Sold My House, Now What? 9 Things To Do After Closing
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Cheyenne Wiseman EditorClose
Cheyenne Wiseman EditorCheyenne Wiseman is an Editor at HomeLight. Previously, she worked as a writer for Static Media (Mashed.com and Chowhound.com) and as an editor for CBR.com. Cheyenne holds a bachelor’s degree in English from UC Davis. She has more than five years of experience writing and editing on topics including real estate, financial advising, and pharmaceuticals.
You signed the paperwork, handed over the keys, and completed the sale. If you’re thinking, “I sold my house, now what?” most of the hard work is behind you, but there are still a few important loose ends to tie up.
From saving key documents and preparing for tax season to canceling utilities and updating your address, a handful of tasks remain after closing. Here are 9 steps to help you wrap up the sale and prepare for whatever comes next.
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1. Save your closing and home sale documents
Before you put the sale behind you, gather your important paperwork and store it somewhere safe. Keep your final settlement statement, signed purchase agreement, and any seller disclosures, addenda, or other documents that record the terms of the transaction.
Also, hold onto receipts for home improvements and other records related to the property and sale. You may need these documents when preparing your tax return or if questions about the transaction come up later.
Consider keeping both physical and digital copies of important paperwork. Store electronic versions in a secure location, and make sure any scans or photos are complete and readable.
2. Confirm your old mortgage and escrow are settled
If you had a mortgage on the home you sold, the amount needed to pay off the loan is typically taken from your sale proceeds at closing. Afterward, check with your mortgage servicer to confirm that the loan has been paid in full. Once the payoff is reflected, make sure any automatic mortgage payments are canceled.
If you had an escrow account for property taxes and homeowners insurance, you may also be owed a refund. Federal rules generally require servicers to return remaining escrow funds within 20 days after the mortgage is paid in full, excluding weekends and legal public holidays. If the loan still appears active or an expected refund doesn’t arrive, contact your mortgage servicer.
3. Gather what you’ll need to file your taxes
Selling a home can affect your federal income taxes, so gather the records you’ll need when you file. These may include documents showing what you paid for the home, improvements you made, selling expenses, and proceeds from the sale.
If the property was your primary residence, you may qualify to exclude up to $250,000 of your gain from federal income tax, or up to $500,000 for qualifying married couples filing jointly. Depending on your transaction, you may also receive Form 1099-S reporting the proceeds from the sale. If you receive one, you’ll generally need to report the sale on your tax return, even if your gain is fully excludable.
Because the rules depend on your circumstances, check current IRS guidance or consult a tax professional to determine whether you owe capital gains tax on your real estate sale.
4. Cancel or transfer utilities and home services
Make sure services tied to your old home are no longer in your name. This may include electricity, gas, water and sewer, trash collection, internet or cable, and home security monitoring. Confirm the appropriate transfer or shutoff date with your real estate agent or closing professional so you don’t end service too early.
Don’t forget recurring services such as lawn care, pool maintenance, pest control, or other scheduled maintenance. Some services can be transferred to your new address, while others will need to be canceled.
As you close each account, check for final bills, automatic payments that need to be stopped, and any deposits or credits you’re owed. Keep confirmation emails or final statements in case a billing issue comes up later.
If you’re leaving smart-home devices behind, such as a thermostat, video doorbell, smart lock, or garage-door opener, follow the manufacturer’s instructions to remove your personal account or transfer access to the buyer. Be careful not to disable devices you agreed to leave with the home.
5. Cancel your homeowners insurance after the sale is final
Contact your insurance company to cancel coverage on the home you sold, but don’t end the policy before the sale is final. Ask your insurer when the policy should end and whether you’ll receive a refund for any unused prepaid coverage.
If you’re moving to another home, make sure you have the right insurance there, too. That may mean getting a new homeowners insurance policy if you’re buying or renters insurance if you’re renting.
6. Forward your mail and update your address
Submit a change-of-address request with the U.S. Postal Service so eligible mail sent to your old home can be forwarded to your new address. Mail forwarding is a useful backup, but it doesn’t update your address with the companies and government agencies you deal with.
Remember to update your address with:
- Banks and credit card companies
- Your employer
- The IRS
- Driver’s license and vehicle registration
- Insurance companies
- Investment and retirement accounts
- Doctors and other healthcare providers
- Subscription and delivery services
- Voter registration
- Friends and family
Pay attention to forwarded mail after you move, too. If something important arrives with your old address, it may be a sign that you forgot to update that sender directly.
7. Check that you’ve fulfilled any final obligations to the buyer
After closing, double-check that nothing required under your purchase agreement was overlooked. Confirm that the buyer received any keys, garage remotes, access codes, manuals, or warranty information you agreed to provide.
Make sure any appliances, fixtures, or other items included in the sale stayed with the home and that you didn’t accidentally leave behind belongings that weren’t part of the deal. If you discover something was missed, contact your agent to determine the best way to address it. If there’s a disagreement or you’re unsure about an obligation under the contract, your agent or real estate attorney can help you determine what to do next.
8. Decide what to do with your sale proceeds
Once your proceeds have reached your account, think about what you’ll need the money for before deciding what to do with it. If some of the funds are set aside for taxes, moving costs, or an upcoming home purchase, you may want to keep that money readily available.
Then consider your long-term plans. If you received a substantial amount from the sale, a financial or tax professional can help you weigh your options based on your goals and any tax obligations.
Also, check whether your sale proceeds are fully insured if you’re keeping a large amount in the bank. The standard FDIC coverage limit is $250,000 per depositor, per FDIC-insured bank, for each account ownership category.
9. Make a plan for where you’ll live next
If you haven’t already settled into your next home, think about what makes sense for your current needs. You might buy another home right away, rent temporarily, stay with family, relocate to a new area, or downsize.
Selling your home doesn’t mean you have to rush into another purchase. If your timeline allows, take some time to reassess your budget, preferred location, space needs, and other priorities before deciding where to live next.
If buying another home is your next step, a local real estate agent can help you understand the market and narrow down your options. HomeLight can connect you with top buyer’s agents based on your location and needs.
Yes, You Can Buy Before You Sell. Why Move Twice?
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
Moving forward after your home sale
If you’ve been wondering, “I sold my house, now what?” most of the remaining work comes down to tying up financial and administrative loose ends and deciding what you want your next move to look like.
If you’re planning ahead and haven’t sold your current home yet, HomeLight’s Buy Before You Sell program can help you move into your next home before selling your current one, giving you more flexibility when coordinating your purchase and sale.
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