HOW TO SELL A HOME - continued
- Appraisals And Commitment - It is common for the lender to order an appraisal of the property prior to lending to the buyer to ensure they're not paying more than it's worth. They may also hire a surveyor to visit the property to ensure its boundaries are accurately outlined, and it is likely the buyer's lawyer will order a title search to determine if there are any liens against your property. At this time, the lender will issue what is called a commitment. The buyer is responsible to complete the conditions outlined therein. Before closing, your lawyer should notify your own lender you will be paying off your mortgage and when a closing date is agreed to, and contract the providers of your utilities to advise them of applicable final billing dates.
- Closing the Deal - The day before the closing takes place, the buyer will likely walk through the property to ensure all agreed upon repairs have been completed and the property is still in the same condition as it was when the offer was made. If problems are experienced initially, closing may still happen with funds in escrow.
It usually takes 20 - 45 days for closing to occur after the contract has been signed. Depending on where you live, you may have the option of closing with a title company or attorney. All funds are collected at closing and any outstanding loans or liens are paid, a transfer of deeds takes place, and necessary insurance is issued to ensure the title is free and clear. It's normal for the seller to be paid by the buyer and receive the funds within 1 or 2 days of the date of closing when selling a house, once the buyer has the fire insurance necessary for the lender to issue the loan. If it is the sale of a condo, the needed fire insurance will be included in the maintenance fee.
REAL ESTATE FORMS
Agreement of Purchase & SaleAppendix A
Counter Offer
Residential Data Sheet
Schedule A
