The closing aspect of the selling process is also known as “escrow.” This is the part that can be exciting, but also needs to be handled with care. If you are using a qualified real estate agent, they will help you get everything in order. Sealing the deal does not always go smoothly. To help you in this process, La Grange Park IL real estate agent Agnes Halmon has some tips.
The purchase agreement is the plan for the closing process. This will be prepared by the attorney in most cases. The specifics of the deal will be outlined, and thoroughly completed. In general, it will cover what will happen if the agreement fails in some way, all property included, date of closing, various costs for the buyer and seller, financing agreement, and the date the seller will be moving out. As a La Grange Park IL real estate agent, it is important to walk sellers through these expectations beforehand.
Expect a couple different types of title reports during escrow. There is a preliminary report that confirms the legal description of the property. Analyze this to find out about liens and encumbrances. The second type is the final report. This one details how the buyer desires to take title to the property. Understanding the details of these reports as it pertains to buyers and sellers is key in serving as a La Grange Park IL Realtor.
Everyone on the Same Page
When closing on a house there are often various contingencies that are put in place. These are conditions that must be met by either the buyer or seller before the deal can be completed. Inspection and appraisal, along with financing, are typical contingencies. Make sure that you review each of these in the contract to make sure you have agreement. Working as a La Grange Park IL real estate agent has shown that closings that fail are often because one party isn’t clear regarding expectations.
When closing day arrives, come prepared. You should see sitting at the table your real estate agent, the buyer’s agent, the lender, closing agent, and both attorneys. The buyer should make the needed deposit and sign essential documents. You, as the seller, will sign the deed and closing statement. Last, hand over the keys. For help with the closing process or any real estate related needs, contact experienced La Grange Park IL Realtor Agnes Halmon today!