Mortgage Dictionary -> Closing
When buying or selling a home, once all the particulars are taken care of, it's time for the closing of the sale. As a seller, you may want to hire a lawyer who specializes in real estate to help you close the sale. It may be worth the extra cost in order to protect your interests in the transaction. Some of the services a real estate attorney may offer are:
- Explanation of sales offers
- Explanation of mortgages
- Explanation of what you are legally obligated to disclose to the buyer
- Explanation of contracts
- Advice in negotiations with the buyer
- Help with title insurance and in closing the sale
Something you'll want to do prior to closing is to have the home inspected. This may be done by you, the seller, or the buyer. It's best to do this prior to putting the home on the market as an inspection that reveals too many things wrong with the home may kill the sale. Home inspections may encompass any repairs or determine if it's been damaged by termites.
Also, prior to closing you'll want to contact your mortgage holder. Be sure they know you will be paying off the remainder of your mortgage once the sale of your home has closed. It's important to note that you contact all your utility companies as well. You'll want to provide them with a date when they should discontinue service in your name. And be sure to let the postal service know of your change of address.
At closing, the home buyer may choose to walk through the home to make sure that any repairs that have been agreed upon have been taken care of. If there are any problems, any money that the buyer has paid may be held in escrow by an attorney or real estate broker until resolution of the problems.
Closing usually transpires between 30 and 45 days from the date the buyer signed the sale contract. A real estate lawyer can ensure that loans are paid off, money is collected from the buyer, the title is clear and the deed is transferred. Often he will write you, the seller, a check for the money due you, minus his expenses.