What to Expect at Closing
What To Expect at Closing
If you have never sold a home in the past, it’s good to know in advance what to expect at closing. If possible, both buyer and seller should be present in person. But if that’s not possible, then electronic signatures can be used on the many closing documents involved.
Real estate transactions are much different than any other sale and purchase transaction, including the purchase of a new vehicle. A complete history of ownership is not involved in the purchase of a new or used vehicle, but it’s a critical component of the transfer of real estate from one owner to another.
Prior to scheduling a closing, trained researchers look at all the documents involving the parcel of land and the house and buildings on the land. They are looking for flaws in the chain of title from each owner to the next, such as mortgage notes that were not paid in full, missing signatures on transfer documents and tax liens. A title search is conducted on behalf of the buyer because the owner already owns the property and its problems, if any. The buyer needs a title search for her own protection.
Who Pays For the Closing?
In a typical real estate transaction, there are costs assessed to the buyer and other costs to the seller, such as the real estate commission and the title search. When the buyer and seller sit down at the same table, or when pre-signed documents are handled by an attorney or title company on behalf of the buyer and seller, there’s a moment when the purchase price passes from the buyer to the seller.
The purchase money may already be in a trust account, waiting to be disbursed at closing, or there may be a paper check from a mortgage lender in a file on the table. Lenders often wire the money to a bank on behalf of the buyer.
All the buyer’s costs and seller’s costs are detailed on a balance sheet, which is called a closing statement. Everyone who is present at the table or receiving digital documents sees the same closing statement. If anyone has issues with it, the time to resolve those issues is before the money changes hands and the closing is finalized.
Pay No Seller’s Costs at Closing
You can sit down at the closing table when you sell your home and see zero costs on the seller’s side of the closing statement. That’s a real possibility when you call We Pay Fast to purchase your home. As real estate investors, we are ready to give you the fastest, easiest experience at closing. You receive your full purchase price and pay no costs. That’s what you can expect at closing when you call us at 405-521-1807 or email us at [email protected] to discuss selling your home to We Pay Fast.