What to Expect During Closing
The negotiations process begins once an offer has been received, but until the offer has been accepted and agreed to in writing by both parties, the contract is not final. It remains in the negotiations stage unless one party rejects the offer or counteroffer outright. After you and the buyer have accepted the contract, it's time to tie all loose ends together and complete the transaction.
If you choose to include an attorney review, there is a limited time for him to protect your interests, so it’s imperative that you have him review your contract quickly.
You must comply with all requests of the buyer’s lender and/or appraiser in a timely manner. You don’t want to do anything to delay the buyer’s final loan approval and the closing.
Final Home Inspection
The buyer will schedule a home inspection usually within 10 to 14 days of accepting the contract. It’s best to allow the buyer and inspector to view the home without you being present.
Your property must be in the same condition or better than it was when the agreement to the sale was made and all agreed to repairs must be completed at this time.
What Your Realtor Will Handle
Your Realtor will coordinate all activities and update all parties on the process and critical dates from start to finish. This may include negotiating repairs based on the final home inspection and scheduling a buyer's walk-through (if it is included in the contract).
Calculate Your Closing Costs
You may be wondering how much money you’ll net from the sale of your New Albany home. We’ve provided a worksheet below to help you arrive at that figure. Just add up your closing costs and subtract them from the sale price of your home. The result is your net proceeds.
|Mortgage payoff and outstanding interest||$____|
|Prorations for real estate taxes||$____|
|Prorations for utility bills, condo dues, and other items paid in arrears||$____|
|Closing fees charged by closing specialist||$____|
|Title policy fees||$____|
|Transfer tax or other government registration fees||$____|
Kate & Tony Thomas:
The Key to a Smooth Closing
Kate & Tony and their expert real estate team will handle all the details and coordinate the process so you can relax and enjoy the experience.