Closing 101: A Guide for Home Bay Sellers
The biggest difference between selling a home with Home Bay and hiring a traditional agent is we work remotely, not on-site. So what happens when it's time to close on your home sale? Here's everything you need to know.
What happens after escrow?
- Title paperwork is given to buyers and sellers and both parties sign.
- The title company runs a title search to verify that there are no issues.
- The buyer's lender sends the final finance documents to the escrow agent.
- The buyer signs all closing papers and loan documents.
- The buyer pays the remaining down payment and closing costs.
- The escrow agent schedules the deed to be recorded at the County Recorder's office.
- The escrow agent disburses all the funds.
- The sale is deemed closed.
- Keys are exchanged.
It sounds like a lot, but don't worry! The bulk of the responsibility at the end of the sale falls to the buyer. When it comes to your paperwork, we'll work with escrow and title to make sure you stay on top of signatures and deadlines.
How to hand over your keys at closing:At this point in the sale, there are really only two people left in the equation. That would be you (the seller) and your buyer or buyer's agent. There are two ways you can handle the exchange on closing day.
- Meet in person:
You can meet the buyer or buyers' agent to exchange keys (plus key fabs, manuals, and anything else that stays with the house. Or...
- Leave everything at the house:
You can put everything that stays in the house in a kitchen cabinet or drawer except for one key. That key can either be locked in a lock box or it can be put in an inconspicuous place on the property. If you choose the latter option, you'll have to give your buyer or buyer's agent information on where to find the key.
Reminder - remove your name from utility accounts:
It's up to you to call the utility companies and make sure all your name has been removed from all your accounts. If you forget to do this, your buyer will be unable to transfer the accounts to their name and you could end up paying for utilities after you move out of the property.
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