The real estate sale closing process from the seller's perspective

03/03/23 16:44
As a seller, the real estate sale closing process can be broken down into the following steps:
  1. Acceptance of Offer: Once you have accepted an offer on your property, you will enter into a purchase agreement with the buyer, which outlines the terms of the sale.
  2. Title Search: A title search will be conducted to ensure that you have clear ownership of the property and there are no liens or claims against the property.
  3. Home Inspection: The buyer may schedule a home inspection to ensure that the property is in good condition and there are no major issues that need to be addressed before the sale is finalized.
  4. Appraisal: The buyer's lender will order an appraisal of the property to ensure that it is worth the amount the buyer is borrowing.
  5. Closing Documents: Prior to the closing day, you will need to provide documents such as the property deed, tax records, and mortgage information to the buyer's attorney or title company for review.
  6. Closing Day: On the day of closing, you will meet with the buyer to sign a number of documents, including the settlement statement, which outlines the final closing costs and fees. You will transfer ownership of the property to the buyer, receive the proceeds from the sale, and pay off any outstanding mortgage or liens on the property.
  7. Recording: Finally, the sale will be recorded with the county recorder's office and the transaction will be complete.
It's important to note that the steps in the real estate sale closing process may vary depending on the location and specific details of the sale. It's recommended to work closely with a trusted real estate agent or attorney to ensure a smooth transaction.