BACKYARD PROPERTIES
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The House Closing Process
Closing is when the house buyer and seller fulfill all of the agreements made in the sales contract. In more literal terms, it is about the transfer of money and documents so that you, the seller, can transfer ownership and possession of the property free and clear to the buyer.
1. Acceptance:
Seller(s) accepts all proposed terms and conditions and is ready to sign the contract and move toward closing.
3. Title Search or Abstract:
The selected closing agent will order a title search, which is a review of public records to determine and confirm a property’s legal ownership and find out what claims, if any, exist on the property. If there are any claims, they may need to be resolved before the sale is completed.
5. Recordation:
After closing, certain original documents are required to be recorded in the public records of the parish where the property is located, and the transaction is complete. The buyer takes possession of the property that the seller has vacated, unless a seller carryover or buyer preoccupancy has been part of the contract.
2. Due Diligence:
During this period, Buyer may arrange financing, conduct all necessary evaluations, appraisals, examinations, surveys & testing. Although home inspections are not legally required, they absolutely should be performed. If the home inspections reveal any issues, further price negotiations may occur. In case the negotiation falls through, the Buyer may choose to withdraw the offer.
4. Closing:
Both parties will sign required documents with an escrow officer present to oversee the signing process. At this time, all funds have been collected to satisfy terms of the deal where then the Seller(s) receives their proceeds from the sale.
Closing Necessities
You don’t need to bring much to the closing: usually just a government-issued photo ID, the keys to the property, and any outstanding documents and paperwork your attorney or escrow agent instructs you to bring.