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House Closing Process for Sellers: Everything You Need to Know / Overview of the Essentials

house-closing-process-what sellers should know

Selling a home can be an exhausting and trying time, but if you’re reading this then your finally ready to close on your home!

The house closing process for sellers doesn’t have to be difficult. We’ll walk you through the process of a home closing and answer common questions that sellers like you may have.

  1. Find Out Where and When the Closing Will Be

Once you’ve finished the home selling process, it’s time for the home closing process. You should receive a notice with the time and place of the closing. There should also be a list of who will be attending, such as the buyer, the real estate agents for both sides, the closing agent, an attorney, a title company representative, etc.

  1. Attend the Final Walkthrough 

The day before or the day of closing, the buyer and their agent will walk through your house one last time to make sure everything is in order. If they asked you to make repairs, you should have done so already. They’ll check that the house is in good condition and that the appliances, lights, and water are working. The buyer will also make sure you made the repairs and updates you were asked to do.

This is also a good time to tell the buyer about aspects of the house they should know before moving in. Like which floorboards creek or which switches turn on certain lights.

  1. Sign Your Closing Documents

Closing will happen at the office of a neutral third party, like the office of the escrow company, title company or mortgage lender. There the seller will sign a few documents like:

  • HUD-1 Form
  • The Deed
  • Bill of Sale
  • Statement of Closing Costs
  • Statement of Information
  1. Celebrate the Money Transfer! 

After all the documents are signed, the buyer will receive ownership of the house and you will get your money! This is similar to the escrow process for sellers as everyone gets paid when escrow closes, which is the disbursement of funds.

Now that we’ve discussed what to expect, let’s go over some common questions about the house closing process.

How Long Does House Closing Take?

It takes about 45 days to close on a home. If the buyer is paying fully in cash or is preapproved for a loan then it can go much quicker. The home closing process for sellers can also take longer than 45 days if there are issues and delays.

Does Seller Get Paid at Closing?

When the closing is complete everyone gets paid almost immediately! This includes you (the seller), the real estate agent, title company, etc. The escrow process for sellers goes hand in hand with the house closing process for sellers because funds are released when the escrow account officially closes. When the escrow account closes, the home closing process is over as well. 

Everyone should get their money the same day or within one business day. If the seller closes on a Friday then they may have to wait until Monday to receive the money.

What Does the Seller Need to Bring to Closing?

It’s important that you bring items the buyer will need for their new home. For example, house keys, garage door openers, and passcodes to access other parts of the property. Try making a seller closing checklist to remember everything you need to bring for the closing.

The seller should also bring a few forms of identification and their checkbook to pay for closing costs or any other expenses that have not been paid. Realtors should let you know what you need for closing.

Who Signs Closing Documents First, Buyer or Seller?

Typically, the seller signs the closing documents first, before the buyer even arrives at the office where the closing is taking place. Buyers have to sign a LOT more documents than the seller and it is not necessary for the seller to sit and watch the buyer sign their papers. 

Sometimes sellers don’t even need to be at the closing office. They may be able to pre-sign their documents or sign them online. With the VentureTrac App, the escrow process for sellers is easier since they can sign escrow documents anywhere and anytime!

How Long Do Sellers Have to Move After Closing?

By the time of closing, sellers should already be moved out, since that is when the buyer gets the keys and officially owns the property. Ideally, there would be an official agreed-upon moving day for the seller.

The house closing process for sellers can be stressful and time-consuming. If the seller hasn’t completely moved out, they can negotiate with the buyer for more time to move out. Generally, they may both sign an agreement for the seller to have 24-48 hours or up to a week to leave. 

What Fees Do Sellers Pay When Selling a House?

Sellers don’t just get the money from their home sale and take off! There are many closing costs and fees for sellers including:

  • Outstanding mortgage or liens against the property
  • Real estate agent commissions
  • Escrow fees
  • Transfer fees
  • Attorney fees
  • Property taxes
  • Title insurance

Close With Top Escrow Service

If you want to learn more about ensuring a smooth closing process, check out our full guide on the entire escrow process. If you need to speak to escrow agents, contact our team who can help you navigate escrow in real estate transactions. 

             

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Max Bergstrom
Marketing Director at New Venture Escrow

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