Closing on your home is one of the most exciting and important days for a seller, but if this is the first time selling your home, you may be wondering what exactly your closing and the days leading up to it will entitle. Our licensed agents are here to share some insight on what closing on your home consists of from a seller's perspective.
Obtaining Title Insurance
Once you have received and accepted an offer from a buyer, your closing agent will order a title search to review public records and confirm you are the legal owner of your property in order to obtain title insurance for your home.
Home Inspection
Once the agreement is signed, the buyer will most likely hire a professional home inspector to have the current condition of your home reviewed and reported for any defects. Their inspection list will include factors such as the roof, siding, fixtures, doors and locks, etc.
Following the inspection, the buyer will be provided with a detailed report of the inspector's findings.
Appraisal
If the buyer is borrowing from a lender in order to purchase the home, the mortgage company will arrange for a professional appraisal. This is to ensure the loan amount aligns with the actual market value of the home in the case scenario that the home would ever have to be repossessed by the lender.
Final Walkthrough
Prior to the final walkthrough of the home you will need to make sure you have completed any outstanding repairs requested by the buyer, moved out all of your possessions, and deep cleaned the property. If these factors are not complete correctly, this could cause a possible delay on the closing.
Closing Costs
Closing costs on your end will differ depending on a number of factors, but you should be prepared to pay the following:
Property Liens
Transfer Taxes
Title Insurance
Commission for the agent
Loan Payoff
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