Selling a home is a major financial transaction and one that culminates in the all-important closing process. If you are approaching the final stretch of your home sale, understanding what happens during closing is essential to ensure everything goes smoothly and there are no last-minute surprises. Deb Maher Realtor would like to walk you through what the closing process looks like from the seller’s perspective and how you can prepare for a successful closing day.
What is the Closing Process?
The closing process is the final phase in the home selling journey when the ownership of the property is legally transferred from the seller to the buyer. It includes finalizing paperwork, resolving outstanding issues, and distributing funds. Once completed, you hand over the keys and the home is officially sold.
The Seller’s Closing Process
Accepting the Buyer’s Offer: After reviewing and negotiating offers, you have accepted one. Now the closing process officially begins. The buyer will typically make an earnest money deposit and begin steps like home inspections, securing a mortgage, and ordering an appraisal.
Satisfying Contract Details: Most home sales come with contingencies that must be met before closing can proceed. As the seller, your role here is to:
• Cooperate with Home Inspections: The buyer may request repairs based on inspection results.
• Provide Disclosures: You may need to disclose known defects or issues with the property, depending on your state’s laws.
• Allow Appraisals: The buyer’s lender will likely order an appraisal to ensure the property is worth the purchase price.
Be flexible and communicative. Swiftly handling these steps can prevent delays.
Complete Agreed-Upon Repairs: If you agreed to repair items after the home inspection, make sure these are completed before the final walk-through. Keep receipts and records of all work done in case the buyer requests proof.
Review the Closing Disclosure: A few days before closing, the buyer receives a Closing Disclosure outlining their final loan terms and costs. While the disclosure is primarily for the buyer, your real estate agent or attorney will ensure everything on your end matches the agreed-upon terms. You will also get an estimated seller’s settlement statement from the closing agent that outlines:
• Final sale price
• Outstanding mortgage payoff
• Property taxes owed
• Agent commissions
• Closing costs
• Net proceeds to you
Review this document carefully for accuracy.
Sign the Closing Documents: On or before the official closing day, you will sign several legal documents, including:
• Deed Transfer: Transfers ownership to the buyer.
• Bill of Sale: Transfers ownership of items included in the sale like appliances or fixtures.
• Affidavits and Disclosures: Varies by location, such as disclosures about the property’s condition or confirming no liens exist.
• Settlement Statement: A breakdown of all the financial transactions.
Your real estate agent or attorney can guide you through these documents and answer any questions you have.
Hand Over the Keys and Move Out: Unless other arrangements have been made, you’ll be expected to vacate the property by the closing date. Leave the home in the agreed-upon condition typically “broom clean” with all agreed-upon items left in place. Be sure to:
• Remove all personal belongings
• Clean the home thoroughly
• Leave keys, garage remotes, and any necessary manuals or warranties for the buyer
Receive the Sale Proceeds: Once the documents are signed and funds have been disbursed:
• Your mortgage is paid off
• Agent commissions are paid
• You receive your net proceeds typically via wire transfer or check
Depending on the time of day or day of the week, this may happen on the same day or within one to two business days.
Residential House Property Sales & Rentals in Gatesville, Valley Mills, Robinson, Lacy Lakeview, Bellmead, Hewitt, Woodway, Greater Waco, TX | North & Central Texas Real Estate
Understanding the closing process as a seller helps you approach the final steps of your home sale with confidence and clarity. By staying informed, prepared, and communicative, you can ensure a smooth and successful closing, putting the proceeds in your pocket and the keys in the buyer’s hands without unnecessary delays. Ready to close the deal on your home sale? Contact Deb Maher Realtor where we can help guide you on every step of the way.
