Closing for sellers
In This Article
How Closing Works
Please note: imillee is not a closing company and the purpose of this section is to simply help provide a brief of the closing process.
For every real estate transaction to become finalized ie. The transference of real property from one individual to another it must complete the closing process. Every I must be dotted and t crossed.
The loan must be underwritten according to the lenders guidelines and/or what’s called the secondary mortgage market guidelines. The secondary mortgage market are the companies that insure the loan.
The homes title must be searched to make sure there are no clouds in the title. If a cloud on the title exist such as a lean on the home it must be removed prior to closing.
The lender must approve the loan.
Both the current home owner and home purchaser must agree in writing to the exchange.
Closing times can vary depending on many factors.
Once the entire transactions has been completed by the lenders and the title search has been performed and any and all clouds in the title have been removed both the buyer and seller will go physically to their closing companies office to finalize the transaction.
What you’ll need
Speaking only about what you’ll need that imillee provides is the same as though you were being represented by a traditional realty firm. We provide the contracts that are given to your lender. It’s important to note that closing is a separate process outside of creating a listing, scheduling bookings with sellers, and accepting offers. Closing is spear headed by the buyers lender and with the assistance of a closing agent. Your lender will need the contracts you and the buyer(s) have signed. These could include the property condition disclosure, the purchase agreement, and any counter offers. Since these documents are delivered to buyer upon signature automatically it is the buyers responsibility to deliver these documents to their lender.
Both the seller and the buyer will choose their own closing company and while it’s not uncommon to choose the same closing company it’s not required. With imillee you will be asked to provide your closing companies contact information when creating a listing. Since the buyer will deliver the documents to their lender, their lender will also notify the sellers lender and the sellers closing company. You will then be notified of the official closing date and the time you will need to arrive to finalize the sell of your home.
For sellers the closing process is virtually automated. It’s highly recommended to mark your calendars as to the date of closing. While the date will be on your offer these dates are subject to change.
There are several parties involved in a closing of real property. We will list below all parties associated in a closing.
- The person or persons purchasing the home ie. home buyer(s)
- The person or persons selling the home ie. home seller(s)
- Both the home buyer(s) & home seller(s) lenders
- Both the home buyer(s) and seller(s) closing companies
A quick summary or how closing works for home seller(s)
- Seller(s) create a listing which includes their closing companies contact information
- Buyer(s) make you an offer
- Seller(s) and buyer(s) counter until an acceptable agreement are in place
- Seller delivered documents to lender
- Sellers lender contacts buyers lender
- Closing company searches title
- Title is cleared of any and all defects (if applicable)
- Official closing date is set
- Seller(s) & buyer(s) go to closing company office to finalize documents. ie. final signatures
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*While this information is believed to be accurate imillee makes no guarantees and suggest home sellers verify any and all pertinent information.*