Closing a real estate transaction can
be a complicated process. There are a variety of laws that govern the
various aspects of transferring possession of a property from one
person to another. Fortunately, you can allow a real estate attorney
or title company to handle this for you. They have the experience
needed to keep you out of trouble and, above all, ensure that title to
your property is transferred to the new owner and that you are paid.
But you should identify which of the two will handle your closing even
before you have a buyer. Either of the two can act as your closing
agent, although it may be less expensive to use the title company.
After you have accepted an offer and the buyer has been approved for
financing, you will need to provide several documents to close the
deal. You will need to provide us the following:
-
Purchase agreement and applicable attachments
such as counter offers
-
Mortgage payoff information
-
Documentation proving that the title is clear of back taxes, liens, etc.
-
Appraisal report
-
Termite inspection report.
Once this documentation has been provided to us,
our loan agents will prepare the closing documents that will need to
be signed by both the seller and the buyer.
Before actually closing, the buyer has the right to do a walk-through
inspection of the home. The walk-through allows the buyer to make
sure that nothing has changed since the original offer was made and
accepted. If they are satisfied, they should be requested to indicate
in writing that they are satisfied with the condition of the home. If
any problems are identified that were not identified formerly, have
them repaired as soon as possible.
A couple of days prior to closing, check with us to
ensure that the mortgage information has been delivered and is in
order.
When the deal actually closes, you will meet with the loan agent
once again. You might be requested to provide proof that the
utilities (gas, water, electricity) have all been paid. You should
also have your driver’s license and social security card for
identification purposes.
Both you and the new owner will need to sign a series of documents to
seal the transaction. If you have followed all of the steps, closing
will only take a few minutes.
All that will be left is to give the key to the new owner, and then
congratulate yourself for saving thousands of dollars by selling your
own home.
