So you've listed your home, you have an interested party, and now you're heading for the closing process.
Before the sign changes from FOR SALE to SOLD, you may have some questions.
What happens after the offer is accepted?
Maybe the offer was just put in, or you've gone back and forth a few times, but now you like the number.
Get that agreement in writing!
For both parties, a written offer acceptance proves the agreement was made and holds each accountable.
Now, documents will be put in order, the title company and lender will be involved, and inspections/repairs come into place.
What happens after the contract is signed?
The records of the title and titleholder are reviewed. Currently, this may take 3-8 days (with COVID-19) of ensuring the record is clean, noting other mortgages, leans, probate information, or anything that could affect the title of the property.
Can house closings be done remotely?
Yes, mostly. E-signatures are legal and can be used for the majority of the closing process. The exception being the Mortgage and Title. Because these items must be notarized, the process cannot be completely remote.
Can house closings be delayed?
Unfortunately, yes. Inspection issues, title issues,
Who pays the closing costs?
In a typical transaction, the agents on either side get a commission from the seller.
Who sets a house closing date?
Usually the banker. 45, sometimes 30 days out from the contract. Is the bank ready to loan the money? Sometimes an extension is needed, and that's okay.
How does house closing work?
First, the buyer will come in to sign the necessary documents. This may take 30-45 minutes depending on the specific transaction. Afterward, the seller will sign their documents which is typically quick. After signatures are taken care of, the buyer and seller come together to talk utilities and details and pass the keys onto the new homeowner.
How long does house closing take?
A typical transaction can take an hour, but each closing is different and may require more time.
How do I pay the Closing Costs?
In the State of Ohio, an amount exceeding $10,000 must be wired to the title company. If under $10,000, a cashier's check is accepted. The money will go to the title agency who will separate out the fees, commissions, etc.
What are Closing Costs?
Closing costs can include a variety of different fees. There are title fees, listing fees, bank fees, taxes, deed preparation fees, and several other things included. The breakdown and details can all be found in the contracts signed.
Can house closing fall through? Why?
Yes. Deals fall through more often than closings, but anything is possible. Deals usually run into trouble during home inspections. Many lenders have specified conditions that a property must be in in order to loan money for a home. If the property is found to have a shifting foundation, mold, or other issues, the lender can decline the loan and the contract falls through.
Are closing costs tax-deductible?
Probably not, but you can talk to your tax advisor regarding your specific circumstance.
Who conducts the home closing?
The title company, whether a manager or secretary will lead the closing meeting.
Who attends the closing?
With current restrictions due to the COVID 19 pandemic, the fewer people attending a closing, the better. Normally, the buyer and seller would be present. In addition, lender, title manager, real estate agents, and family can all be present.