Selling a home can be quite the process. A lot goes into prepping a home for the sale like cleaning, repairs, and renovations. After that, you stage the house, take pictures, and then list it on the market. All of this can take weeks and, in some cases, months. Unfortunately, it doesn’t end there. Once a seller accepts an offer, it’s still not over.
Continue reading to learn more about the closing process when selling a house.
What is Closing?
Once an offer is accepted, the closing process can begin. This is where the money is transferred and documents and traded so that the buyer can become the new owner. The closing process is made up of many steps outlined in the sale’s contract that need to occur from when you accept the offer to the day you close. The closing date is the official date where the home is transferred from the seller to the buyer.
What Are the Steps in the Closing Process?
As previously mentioned, the closing process involves many necessary steps. The entire closing process, from accepting the offer to closing, takes an average of 50 days.
- Title Search — A title search is a thorough examination and review of public records. A title search verifies that the seller is the house’s legal owner and shows any claims or judgments against the home. If there are any problems, they will need to be resolved before the home sale can move forward.
- Get Title Insurance — Title insurance is there to help protect the buyer and lender from any unknown past events that may affect the house.
- Home Inspection — While a home inspection isn’t required, many buyers require one to ensure there are no severe hidden problems. If there are issues that need repair, the buyer may ask the seller to fix any problems, depending on the contingencies outlined in the contract.
- Lender Appraisal — Unless the buyer is paying cash in full for the purchase, a mortgage lender will schedule an appraisal to make sure the cost of the house lines up with market value. The loan will likely not be approved if the home appraises for less than the sale price. There are a couple of options if this occurs: the seller can ask the buyer to pay the difference, lower the sale’s price, or challenge the appraisal.
- Final Walk-Through — The buyer and their agent have one last opportunity to do one last walkthrough of the house to make sure all is well.
- The Closing Date — This is the day when the sale is officially final. Sign the paperwork and hand over the keys.
Contact Utah Sell Now
After weeks, or maybe even months, of prepping, listing, and selling your home, the last thing you will want to do is to sit around and wait for the deal to close. If you want a quick close and are in the Salt Lake City area, sell your house to Utah Sell Now. We want to pay you cash for your home, regardless of its condition. No need to clean or make any repairs! On top of that, we will cover the closing costs — you won’t pay a dime! Select the closing date that is best for you and enjoy the hassle-free sale of your house. Contact Utah Sell Now to get your cash offer today!