Once you have marketed your home, attracted and negotiated with a buyer, written the contract, composed counter-offers, then qualified the buyer, you will need to manage all the details to bring your time, money, and efforts to a successful conclusion - the closing.
"Escrow" is a third party who holds the money from the buyer and the Warranty Deed from the seller and "switches" them when all the instructions of the parties have been met. Submit all contract information and the earnest money to a closing company as soon as the offer has been finalized.
Each purchase contract will require certain disclosures from you and will allow the buyer certain inspection privileges within negotiated deadlines. These deadlines must be adhered to or the contract may be cancelled. If your home was built prior to 1978, provide the buyer with the mandatory lead-based paint disclosure and booklet.
Usually, the buyer's financing is the longest and trickiest process in the transaction. Obtain the name of the buyer's lender and permission to call them. Facilitate and help as much as you can to assure a timely closing.
Very few transactions run from beginning to end with no problems. Even after the offer has been accepted, there seems to be lots of negotiations over inspections, repairs, buyer financing, dates, possessing, etc. Keep a level head and think "solutions" instead of "ultimatums".
An insurance policy that protects the borrower (and lender) against any legal claims on the property's title. Title insurance protects you, via monetary compensation and legal representation, against any title claims.
Settlement and Closing »
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