I get asked a lot, “What does the closing process look like when I sell my home?”
A lot of people never buy and sell homes on their own, or at least not without having an agent, help them walk them through it.
Well, it’s super easy. First as a buyer and seller comes to an agreement, we write all that down. We sign that agreement and we give it to a title company. The title company are the ones that make sure that everything is done legally. Everything is done the way it should be so that both the buyer and the seller are protected. The title company makes sure that the seller has the right to sell the home. We don’t want people trying to sell homes that they don’t actually own, and that being a problem later on. And they make sure that there’s not any liens on the property so that when the buyer gets it, they’re not surprised by owing money to someone else on the property that they weren’t expecting.
So they search and make sure that there’s no liens on the property, no mortgages on the property and that kind of thing, to make sure that both the buyer and the seller are taken care of. And then finally, when closing day comes, the day everyone’s looking forward to, the buyer gives money to the title company. The title company takes that money and they pay off, if there are liens on it, if there are mortgages on the property, they pay those off. And then they file deeds with the County to make sure that the County knows now who the new owner is, the new buyer. And then they pay the seller, whatever money is left.
So the purchase price, minus whatever liens there were, some property taxes, all that kind of stuff. And then the seller gets the money that’s leftover in the end. They’ll give him a check or they’ll even wire it directly into your bank account so that you’ve got it to spend that day, however you want to spend it.
So, that’s basically how the closing process works. We rely a lot on title companies because they do this stuff every day and they make sure that everyone is treated fairly and everyone’s getting what they expect to get out of these deals. If you’ve got a property you’re looking to get rid of, and there’s a way we can help you with it, reach out to us. Let us know. You can call us or submit the form below.