Block off your calendar for the closing
Now that the TRR inspection period and appraisal period have passed, it’s safe to block off your calendar for the closing.
The closing will take place at a title company chosen by the buyer where they purchased their title insurance policy, however you’re free to have whoever perform your abstracting services.
At the closing, most importantly you’ll be signing the deed. You’ll also sign another document certifying you haven’t hired any work done that would result in a lien on the property and few other documents, and then you’re done!
Then the buyer goes in to sign a mountain of paperwork—most from their lender. They’ll sign a document that affirms their acceptance of the property and releasing you and all involved in the sale. When they’re done, then the closing is complete and the sale is funded—either from their cash or from the loan.
The title company pays the bills associated with the sale (termite inspection, repairs, and even property taxes when due), and then you receive a check of your net proceeds.
If you’re purchasing another property and closing the same day, we’ll probably move right into that transaction and you’ll be a homeowner again!
If you’re unable to attend the closing in person, I and the title company escrow officer will need to know as far ahead of time as possible to facilitate getting all the documents sent to you. You’ll need to sign the deed and other documents in the presence of a notary public. Then express mail them back to the title company for your buyer’s portion of the closing.
Questions? Call me at (405) 585-6580 or email Steve@Soldonshawnee.com.