It’s finally your closing day, and your house is almost sold!
You have crossed all your “T”s and dotted all your “I”s. You’ve completed all of your repairs. You’ve reviewed the final numbers on the Settlement Statement with me.
The closing is mostly about the buyer. You will sign a handful of documents, but really it is the buyer who has the real work to do: signing loan and lender documents, disclosures, and most importantly, the deed to the property which will be recorded at the county courthouse making him the official owner of record. The closing attorney will walk both parties through all of the documents and explain each one.
Once all of the documents have been signed by the buyer and you, there will be a brief waiting period, as the closing attorney transmits the signed documents to the buyer’s lender and waits for final approval and for the lender’s funds to be wired in. This is the perfect time for you to tell the buyer any last-minute tidbits of information you know about the property, as you may not come in contact with them again, especially if you are moving out of state.
The closing attorney will give us word as soon as she has received final approval from the lender – at that point, the house is sold! The attorney will also give you a copy of everything you have signed to keep for your records. (I recommend scanning everything in and saving them as electronic documents in case anything happens to the hard copies.) You will receive a check from the closing attorney for your proceeds – the amount of money left after your mortgages have been paid off, the commission checks have been cut, and any other closing fees you’ve agreed to pay have been subtracted. You will want to consult with a financial planner and/or tax professional about these funds, if you are not using them to purchase your next home.
The Real Estate Savvy by Myra Spano 