Home Selling Tips: Final Steps Before Closing the Deal

Posted by Staff Reporter (media@realtytoday.com) on Feb 19, 2016 06:20 AM EST
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Caption:TOBOLSK, SIBERIA, RUSSIA - JANUARY 20: Keys to a door which leads to a room in the hostel in the Prison Castle in city of Tobolsk, Russia. The building which accomodates the hostel now used to be a block of sweat-boxes for prisoners for breach of discipline. The Prison Castle, a strict regime prison in Tobolsk, was built during 1838-1855. The architectural ensemble consisted of several cell blocks, a hospital for prisoners, an administrative building, and other premises. Through it's history, especially during the Soviets, the conditions in the prison were considered stricter than in colony. One of the most famous prisoners of the prison were Mikhail Mikhaylov, Vladimir Korolenko, Nikolay Chernyshevski. Fyodor Dostoyevski, a famous Russian writer, spent about 10 days in one of the prisons in Tobolsk while he was transferred to Omsk for penal servitude. The prison was closed in 1989. Now the Prison Castle is opened to tourists. It accomodates the city archive, a museum, a hostel, a libraty, etc. Tourists can stay in a hostel which used to be a block of sweat-boxes (punishments cells). (Photo : Alexander Aksakov/Getty Images)

Your home selling process is now coming to a close call and you are now ready to move forward with the next steps of your house' final purchasor! After agreeing on the deal with your buyer, what comes after?

Realtor dictates the final steps that you will expect in this process.

1. The Buyer Hands Over An Earnest Money

Earnest money is typically a guarantee and agreement that your buyer is serious about purchasing your home. This money is handed down when the buyer of your house agrees with your offer.

Home Buying said that Earnest Money is also known as a "good faith deposit" money and that it is needed to be settled by the buyer to "secure the contract." Meanwhile, Realtor explains that this money is usually one to two percent of your property's amount. At times, this handed over money may also be added as the buyer's down payment.

2. The Need to Disclose

So what can you disclose in this step? Typically, there are things about your property that you need to disclose but not all. This is an important yet risky step that can forfeit the deal or make it sweeter.

According to the article, the most important things you can disclose with your buyer are the "basic information about the house," the "structural problems" it is currently on and the "environmental issues" that your home is experiencing.

3. Fully Closing The Deal

How will you know if it is the last straw already? Nolo discusses that closing the home agreement includes fulfilling all the needed transactions in a contract. Adding up to this, the seller also needs to include all the necessary items attributed in the agreement and there is the need to even move out of the property immediately.

"The closing is complete when the escrowee pays off your lender and other lien holders and service providers, pays your sale proceeds to you, places the deed (and the buyer's mortgage if any) for recording with the county recorder of deeds, and gives all other transfer documents to the buyer." as emphasized in the article.

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