What Are the Responsibilities Of The Seller At Closing?
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Hey everyone, just want to take a few minutes today to discuss with you about what to expect when selling your home at the time of closing. So you’ve gotten a clear close from the title (company) and the lender and your closing is ready to take place. In most cases that closing will take place at your realtor’s office, the listing agent’s office, unless otherwise maybe a scenario where it’s more convenient for you to meet at a different location or because the house in Canton and your agent’s office is in West Bloomfield, maybe meeting an office in Canton is a better fit. I always recommend that you prepare for up to 2 hours for the closing to take place and in an ideal situation, the close will be 45 minutes to an hour. But depending on what goes on during the closing and in most cases the kind of loan that the buyer has, the closing could take longer than normal.
Fortunately, you as a seller, there’s a big chance that you may be able to leave a closing earlier because your documents are usually a lot less time wise for you to sign because really for the most part it’s going to be a lot of signing of documents that’s going to happen. It’s also an opportunity for you to speak with the buyer directly, let them know about the neighborhood and things they should know about, that’s important, that you would want to know if you’re moving to the home as well. There will be two representatives there, it will be your representative as a title company, the seller rep, and then also there’ll be the buyer’s title representative. If it is a cash closing then they’ll just be working with your title representative. Both parties will be there.
So you as the sellers, the buyers, each realtor as well. Now there is a scenario where you can possibly close before the buyer does. So if the schedules don’t work where you both can mutually agree to be at the closing at the same day and time, you as a seller can close before the buyer does. So you have more of an advantage here for the closing as well. Now if you have occupancy on the home where you’re going to stay in the home for 30 days, 60 days after closing, then obviously at this time the keys will not be exchanged.
The buyers should still have had their initial walk through. But when it’s time for the key exchange and time of occupancy to be over for you, at that time they will do a final walk through. And this is pretty much when you and the buyers need to sign off an agreement that if the damage deposit was collected, that all that money was sent back to you. Occupancy money that was held in escrow, the appropriate amount is sent back to the buyer should you decide that you need less occupancy before the occupancy is up and things of that nature. But that’s pretty much the rundown on the closing.
Just understand that you do want to bring your ID, your Social Security card, and be prepared to do a lot of signing and congratulations on selling and closing on your new home. That’s all I have for your day. If you have any questions, leave a comment below or you can email me at [email protected]. All right, thanks. Have a good one. Bye.
This has been “What Are the Responsibilities Of The Seller At Closing?” by Patrice Henderson Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE listing consultation or home evaluation to see learn more on how to be prepared to sell your home and have a smooth transaction!