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Here's What You Can Expect During the House Closing Process as the Seller

House closing process for seller: what you can expect as the seller - SWAN Agency Real EstateThere are many steps to selling a home, but once a buyer is found, many want to know what to expect at closing as the seller. Here, we’ll walk you through closing date procedures and what to expect at closing as the seller, along with some information about closing costs and the final steps to transfer the home to a new owner.

What Is a Closing Date for a House and What Happens During Closing?

Usually, closing occurs around four to six weeks after the purchase and sale agreement is signed. During this period, purchasing funds put forth by the buyer are held by an escrow agent in an account. These monies are held in escrow until contingencies such as appraisal, home inspections and agreed-upon repairs are completed.

At closing, both parties sign final paperwork for ownership and insurance, and the buyer becomes the legal owner of the property. The seller will need a closing agent to seal the deal. This agent coordinates document signing for both parties, pays out funds and handles transferring the title before recording the deed.

Prevent Closing Delays With a Final Walk-Through

A sales contract typically gives the buyer a chance to do a walk-through of the property within 24 hours of settlement. This allows the buyer to check the condition of the property and confirm the completion of any agreed-upon repairs. Should the final walk-through reveal any issues with the house, the buyer’s agent will immediately alert the listing agent to the problems. Then, both parties can work together to resolve them, hopefully negating the need to adjust the closing date on the house.

Closing Costs Considerations

Typically, a buyer is required to give the seller a good faith deposit that serves as earnest money. These funds are secured by a trust or escrow account until finalizing the closing. At that time, the funds can be applied to closing costs, the buyer’s down payment or be refunded.

Closing costs for the seller vary, but they are generally between 5 and 10 percent of the home’s sales price. Closing costs for sellers often include:

  • Commission for Listing & Buyer’s Agents
  • Transfer of Taxes
  • Loan Payoff Amounts
  • Any Past Due HOA dues
  • Prorated Property Taxes
  • Escrow, Title and Attorney Fees

Items to Bring to the Closing

There are a few key documents to have on hand to streamline the process on closing day, including:

  • Government-issued Photo ID
  • House Keys and Remote Controls
  • A Copy of the Sales Contract
  • Proof of Wire Transfer or Cashiers Check for Closing Costs

The seller can expect to receive full payment from the sale one or two days after the closing is confirmed. This short delay allows time to ensure that third-party service providers and any last-minute fees are covered before distribution.

Our Brokers Help You Through the Home Selling Process in Maine

The experienced brokers at Swan Agency Real Estate have the skills and knowledge to support the home selling process from the day you list the home and up to the date of closing. Contact us today to learn more about how we can ease the home selling process.

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