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Closing the Sale of Your Home
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When you're selling a home, some of the most complex facets occur after the sale agreement has been
signed. It's feasible that closing the sale could take only 7 - 10 days; however, after scheduling
inspections and appraisals, arranging financing, finding a new home, and arranging packing and moving
it usually takes much more time. In all reality, the average time for closing the sale actually takes
up to 30 to 45 days after signing.
What happens at closing?
Closing, "settlement", or "escrow" is basically a meeting that takes place in the office of the
attorney representing the financial institution providing the buyers mortgage loan, or the buyer's
attorney in the case of a cash-based transaction. However, the closing can also take place in the
office of a broker, a title insurance company, or an escrow agent. At closing, the closing agent
receives payments from the buyer, and coordinates payment to the owner and ensures that the home
buyer's title is properly filed in local records along with any mortgage liens.
Adjustments may also be made at closing. Any pre-paid taxes that weren't required will be reimbursed
to you at closing. Alternatively, any costs that you haven't adequately covered will be required at
settlement. If all parties involved agree to the terms established in the sales agreement, and that
the documentation is in order, then you and the seller will submit a certified check or cashier's
check to cover the closing costs and the balance of funds due. The check from the lender covering
the mortgage amount will then be submitted to the closing agent. If the lender will be paying your
property taxes and homeowner's insurance for you, a new escrow account will be established at this
point.
On closing day, it's important you remember to bring your driver's license or other proof of
identity, as well as the real estate deed that will be transferred to the buyer.
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| Copyright 2005. Nancy Clark. All Rights Reserved. |
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