The closing day on selling your home is a big day for both you and the buyer. Closing, also called the settlement, is when you completely transfer the property to the buyer. All the documents and money that need to change hands between you, the buyer, the buyer’s lender, your lender, and anyone else involved in the sale of your house are exchanged between the parties.
It is important that you have all conditions of the contract fulfilled before closing. If there are any repairs that you promised to make before the property changed hands, you must have these completed before closing. You may be able to take care of some repairs after closing if you and the buyer have a separate contract outlining this.
You will also need to contact your lender and let them know you are selling the property. Your lender will be a party to the closing, and they will need to have a representative present. When you are paid for your property by the seller through their lender, you will then have to pay your lender so the title will be clear for transfer.
If you involved any outside companies for title searches, inspections, or other services throughout the purchase process, you will need to make sure they are also aware of the closing date. They will need to be paid for their services and sign off on the sale before it will be able to be finalized.
Handling Your Closing
The closing is usually handled by a third party or escrowee. The escrowee will facilitate the transfer of documents and money, make sure all contracts and liens are signed appropriately, and ensure the appropriate amount of money is given to all parties to the sale.
If you are selling your home by owner and need help with your closing, contact us today for more information. We offer services to for sale by owner sellers, from listing your property to closing day.