Once you've accepted an offer, there's bound to be a lull until closing - but it won't be quite as quiet as you may think. This can be a time of great preparation and frenzied packing. Just remember not to pack anything that you agreed to sell!

You're responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was agreed to in the buyer's offer. If your home suffers a major calamity, you'll be responsible for telling the purchaser - at which point they are allowed to walk away from the sale and have the deposit returned. The buyer may also opt to close on the sale and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do.

A better understanding of the elements and players in a closing - as well as proper preparation - will eliminate many nervous hours as that day approaches.

Who's Involved?
In some markets, buyers and sellers, as well as their agents, attend the closing. In other markets, only the buyers may be present. The closing will take place at the office of an attorney, a title company or an escrow company. In general though, the closing will be attended by all of the buyers involved and their respective agent, as well as the closing agent. The closing process will take the title to the house out of your name and put it into the buyer's. The keys to the house will leave your hands for the last time and be delivered into to the hands of buyers.

What's Involved?
The primary documents and other items included in the closing are:

• Settlement Statement
• Contract
• Loan Document (Buyers)
• Title Insurance (Buyers)
• Homeowners Insurance (Buyers)
• Title or Deed
• Down Payment and other Closing Costs
• Mortgage Payoffs
• Funds Available to the Sellers (upon record of new deed)

Tax Implications
Selling a home can have a major impact on your federal and state tax returns. Check with your tax consultant on factors that may affect taxes such as:

• The costs associated with selling your home
• Capital gains from the sale of your home (In some cases, you may exclude a limited amount of gain from the sale of your primary home)
• Whether you acquired your home as a gift or inheritance
• Whether you used your home partially for business or rental
• Home improvements or additions which may offset capital gains