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so you're all packed up and ready to move all that's left is the paperwork hi i'm mark stiles of styles law down here at studio b so you found your real estate professional you marketed the property you threw stuff away you packed stuff and you gave stuff away you had some showings signed some contracts and now we're moving on to closing so what's next well at this point you've probably already signed your deed conveying your ownership to the new buyers as well as a power of attorney to our office so that you don't have to be at closing but what about all the other documents that are going to be signed at closing well first is the alta settlement statement and the closing disclosure you as a seller also get a closing disclosure and this is where all the money is explained so both documents show all of the out-of-pocket expenditures to sell your home the deed stamps the mortgage payoffs the real estate commissions the recording costs all of those are listed both on the alta settlement which has both buyer and seller and the closing disclosure which is just yours either one of those documents can be used to send to your property and casualty insurance professional and that way they know the closing actually happened and can cancel your homeowners insurance policy next is the mechanics lien affidavit and the survey affidavit well why are you signing those well the buyer is typically going to obtain title insurance when they purchase the property and of course we encourage you wherever you're going at your purchase to purchase it as well and we have a pretty good video on the topic as well thomas please but certain things can't possibly be found in the public record are there tenants in the property do you owe any contractors money that could lean the property after closing so you'll sign an affidavit saying that that does not exist next is the adjustments and the payoff agreement now again people are human mistakes do happen but you and the buyer agree to make it right after closing if the municipality gave numbers incorrect if numbers were typographically inverted or something like that you'll agree to make right on it and that includes your mortgage payoff so if the numbers were given an error and you still owe that money you'll make that payment good and then there's the 1099s that's right when you make money in the united states of america you pay taxes on that money in certain circumstances with real estate it is the obligation of the settlement agent to report that the transaction happened now in massachusetts that's typically the buyer's lender's attorney and they're required to notify the internal revenue service that a transaction happened and that taxes may be due now not every real estate transaction need be reported so next you'll see a document it's a combined document it's the certification of non-foreign status combined with the certification of no reporting information arguably one of the more complicated documents in the entire closing package the first part the non-foreign certification also known as ferpta is a declaration by you the seller that you are in fact a u.s person and a tax withholding for non-us persons is not necessary now if you were a non-us person then the closing attorney would be required to withhold more tax money the second half of that document the certification of no information reporting is in essence your primary residence exemption the irs allows you 250 000 or 500 000 for a married couple in gain before a tax is assessed before a capital gains tax so how is that reported well that's this affidavit was it your primary residence and by definition did you live there two out of the last five years so you could be out of that house more than two years and it's still deemed your primary residence but did you sell it for less than 250 000 as an individual or 500 000 as a married couple the irs assumes the purchase price was zero so the form 1099-s would still be needed if the purchase prices were higher than the 250 for a single or 500 for a married couple there are certain other requirements that need to be met but if those are met then the 1099-s is not actually needed to be filed folks i hope you found this content helpful if you did please share it with everyone and anyone and be sure to subscribe to our youtube channel right here at styleslaw and ring the bell so you know when a new video is coming and of course whenever you're dealing with a financial insurance tax mortgage or real estate professional and the topic of legal services comes up please ask to use the team at styles law we'd be happy to help thank you and be well you