Closing on the Sale of Your Home
Aug 18, 2014
Congratulations—you've got an offer on the table (or maybe you have several!). Now you move into the final step of the home selling process.
Examine all offers carefully—even if they seem too low. There's usually always room to negotiate.
Additionally, don't focus on price alone. Some buyers may have other terms that are just as attractive (short closing, fast inspection period, etc.).
Once you've found an offer that best meets your needs, you can either accept it or make a counteroffer. Your counter may include an increase to the offer price or a change to other terms outlined in the contract (inspection period, closing date, etc.). Your agent will work with you to determine a fair price and reasonable terms and will negotiate with the buyer's agent.
Finalize the Contract
Review the sales contract thoroughly with your agent. Once you and the buyer agree on the sales price and other terms, each party will formally accept by signing the sales contract. While each contract is different, typical terms outlined in the agreement include: inspection period (if applicable), closing date, and other seller/buyer contingencies that must be met before closing.
Ready, Set, Close!
Closing on your new home takes place after all terms and conditions of the contract have been met. This is the last step of the process and one of the most important! As the seller, closing means that you receive the proceeds from the sale and transfer ownership to the buyer. You'll use those proceeds to pay off your current mortgage (if applicable) and any other costs from the sale will be deducted.
Each closing is different—and every state has their own laws—so talk to your agent about your responsibilities on that day.