Congratulations! You’re ready to finish the home sale. If all has gone according to plan, you have sold your home quickly and are ready to move on.
The process of closing the deal on a real estate transaction can be complicated, but with the right real estate agent, it doesn’t have to be overwhelming. If you followed the first tips in our blog, you chose an experienced, professional real estate agent who was comfortable answering all of your questions. During the closing, you will need to rely on your agent once again to lead you through the steps.
Before closing, there will be a lot of research done on your behalf – tax information, land surveys, homeowner fees and more will be prepared in advance.
The title search is the next step in the process. All public records will be reviewed for any documentation relating to the legal ownership of the property. This process verifies that you are the legal owner of the property. It will also reveal if there are assessments or liens on the home. Buyers are advised to purchase title insurance to protect themselves against any future claims.
During this time, it’s also necessary to review the terms of the mortgage and loan documents. There will be a number of charges for services; your real estate agent can help explain these changes and will indicate whether responsibility for payment falls to you or to the buyer.
To complete the home sale, there will be a date set for the closing. During this time, the buyer will sign their new mortgage (assuming they have one). You will sign the deed. Everyone else involved in the transaction – from real estate agents to attorneys – will be paid at this time. The final documents will be recorded with the Clerk of Courts. And you have successfully sold your house!