Guide to Selling a Home
Now Let's Get to Sold.
Once we've received an acceptable offer and have entered into a buying contract, there are several steps
that will need to be completed before the transaction and transfer of your property is complete.
On a typical home sale, here's how things will run:
1. The buyer submits "earnest money" that is deposited into your real estate broker's account.
2. A title policy will be ordered on your property.
3. You will set a closing date with the buyer.
4. The buyer will order an appraisal and in most cases, an independent home inspection.
5. The buyer will remove the "conditions of sale" after the appraisal and home inspection, try and
renegotiate their initial offer, or remove their offer entirely.
6. You will need to complete any agreed upon requests for repair that were submitted by the buyer before
the closing date.
7. The buyer will most likely schedule a walk through to verify the condition of the property and see any
repairs that were made right before your closing appoinment.
8. After the final offer is finalized you will submit the final legal disclosures and other material facts
relevant to your property.
9. Closing is scheduled and completed. Your house is sold!
What will happen at the closing meeting?
Closing is the legal transfer of ownership of the home from
seller to buyer. It is a formal meeting that most parties
involved in the transaction will attend. Closing procedures are
usually held at the title company or lawyer's office. Your
closing officer will coordinate the signing of documents and the
collection of and disbursement of funds.
In order to ensure a smooth closing you will need to:
Review the Settlement Statement or HUD-1 that the
buyer's lender or closing agent will provide you 1 to 2 days
before closing. These documents will contain a detailed
description of all costs associated with the transaction,
including the exact dollar amount the buyer will need to bring
Verify with your closing agent any other items that you need
to bring with you such as a valid driver's license or other form
You'll also want to submit a formal pre-payment notice to your lender.
Questions or Concerns?
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