The Closing – What to Expect

You should know that closings are often delayed for several days, so you should not be alarmed if the process is held up or postponed due to one or more details not being complete on time. Working with a real estate professional will decrease the number of delays. However, most contracts will automatically allow the buyer to extend the closing date up to seven days if financing has not been finalized.

The closing itself is the signing of all the legal documents as well as the financial documents to complete the real estate sale. You will meet with the buyer, the buyer’s agent and your own real estate agent at the closing attorney’s office. Remember, the closing attorney represents the lender, not you or the buyer. The closing process will take forty-five minutes to an hour. It is important to review all papers you sign to ensure accuracy.

When you leave the closing attorney’s office, you will have sold your home. Now, you have the amount of time specified in the contract to move.

After the Closing

You have just sold your home. Congratulations! After you celebrate, you will want to do the following items:

  • Collect pertinent information for the new owners (including tax information, paperwork, warranty information, instruction manuals, homeowner association information, etc) and leave these along with garage door openers, extra keys and similar items on a kitchen counter for the new owner
  • Create a file for all settlement documents and save all receipts that pertain to home maintenance, improvements and/or repairs
  • Be out by the specified time (listed in your Purchase and Sale Agreement) and leave the home clean, neat and in good condition
  • Cancel homeowners policy on house