Kirtland OH homes for sale

🔑What Kirtland OH Home Sellers Can Expect at Closing

Closing is where it all happens!

The closing is an important day for you as a home seller. Months of hard work and delicate negotiation are about to come to an end. However, before you can hand over the keys and potentially get a check, you must get through the last stage of the home selling process.

homes for sale in Kirtland OH

The closing of your Kirtland OH home represents the legal transfer of your property’s title. It is an exciting and often emotional milestone for buyers and sellers alike.

What is a real estate closing?

The real estate closing is often referred to as settlement because the seller, together with the buyers, the buyers’ lender, the sales agents, and the seller’s lender, are “settling up” among yourselves and all the other parties who have provided services or documents to the transaction.

It is the process by which the title of the property is transferred from the seller to the buyer. There will also be a final distribution of funds. You, as a seller, will receive a check for your equity after expenses. The real estate agents will receive a check for their commissions.

Who should attend the closing?

Closing procedures vary from state to state and even county to county, but the following parties will generally be present at the closing:

  • home buyers
  • the seller
  • real estate agents
  • Lender
  • Attorneys (if buyer or seller have them)
  • Title company representative 

What Happens on the Big Day?

Here is the gist of what usually happens during a real estate closing:

  1. The lender will wire the funds into the title company’s escrow or trust account for the amount owed toward the purchase price of your Kirtland OH home.
  2. As a seller, you will sign the deed over to the buyer. This act will officially transfer ownership to the buyer. You will also turn over the keys.
  3. The title company will register the new deed with the appropriate government office. This record will show the buyer as the new owner of the home.
  4. You will receive any proceeds you have from the sale, once the mortgage balance and closing costs have been paid off.

What You Need to bring to Closing:

  •    Photo identification of all sellers on the home contract
  •    Any questions you have regarding your closing statement
  •    The deed of your home
  •    Main keys and security codes for your home
  •    Documentation of repairs you’ve made per the home inspection

Once at closing, you’ll sit down with the buyer and their agent to sign all paperwork required for the closing of your home. In most cases, the buyer has the most documents to sign because they are the ones that are getting the loan. Some buyers pay cash. If the buyer is paying cash for your house, they will only have one or two forms to sign.

Once your home’s closing is complete, it’s time to wrap things up. You will receive a package of closing-related paperwork to pack away, along with a check for the proceeds of the sale.

I am Christine Pappas, your REALTOR® in Ohio. If you’re looking to sell your home, you can count on me to make your experience easier!

Call me now at 216-956-7635 and let’s get started!

 

About the Author Christine Pappas

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