You might be tempted to think that once an offer has been accepted, your home is sold. This couldn’t be further from the truth. Having a sales contract in place is a major milestone, but the more complex aspects of your real estate transaction are just beginning. Now is the time to pull everything together and meet the terms and conditions of your contract. Items that need to be addressed before closing typically include:
- Finalization of the buyer’s financing
- A home inspection
- A title exam and insurance
- A termite inspection
- A land or lot survey
- A formal appraisal to verify the value of the home
Most homes need to close within 30 to 45 days after a sales contract has been finalized to insure the buyer’s mortgage rates are “locked in.” A good Realtor will be heavily involved in this process – arranging inspections and verifying that all paperwork is coming in as it should. Depending on the type of home loan the buyer has obtained, your Realtor may be able to help you close more quickly.
Once all inspections have been made and all paperwork is in, closing, also known as escrow or settlement in some areas, takes place. Typically this is a meeting where a closing agent takes money from the buyer and disburses it according to the terms of the contract. Once all liens, taxes and contractual costs are settled, the closing agent will cut a final check – for you, the seller. The agent will also file the necessary paperwork to transfer title of the home into the buyer’s name.
Closing is THE monumental event in selling your home. Having a competent Realtor on your side during the closing process can insure the event goes much more smoothly. Get in touch with Joe Craine – he has the competence and professionalism you need to navigate the home closing process.