Real estate transactions are typically complex, involved processes with a lot of paperwork and the use of terms you may not fully understand. So what actually happens during the sale of your house? Here we’re going to focus on the period leading up to, and including, the big day – closing! This is the day that all of the moving parts come together and the transaction is completed.
Once you accept an offer on your home, you then move into the escrow period. During a typical transaction, in which the buyer must receive financing, this period can take up to a month or more. When you sell to a real estate investor for cash, however, this period issignificantly reduced because there is no need for a lender to underwrite a loan. The escrow period culminates on the date of closing (also known as “settlement”).
Following are the major events on closing day:
- The buyer provides the remaining funds owed to the seller.
- The seller signs the house deed over to the buyer, and provides the keys.
- A lawyer, notary, or the title company registers the deed with the government, showing the buyer as the new owner.
- The seller receives the balance of their proceeds minus their mortgage balance and any other costs (sometimes closing and other fees – if you sell to an investor, they will typically pay these costs).
A house sale doesn’t need to be intimidating – particularly if you sell to us, we will walk you through each and every step.