A client recently asked me this right after we signed an offer on their home… “Now that we have the sold sign what happens next”? I thought this would make for a good post.
Once your home is sold (meaning the offer has been signed, inspections done and all contingencies removed) the next steps are pretty much as follows:
- All paperwork will be sent to the participating people such as title, buyers agent, sellers, assistants etc so everyone involved has a clean signed copy of the agreement.
- The home will be marked “sold” in the MLS so all showings will stop.
- The title company and or your agent will be in touch for your abstract (title to the property) so it can be updated prior to close.
- The title company will get all the proper papers ready to sign at closing to successfully pay off your mortgage and transfer the title/deed to the new owner.
- The buyers agent will do a “final walk-through” prior to closing day to ensure the home is in the same or better condition then when they bought it. This is typically done the day before or day of close.
- The buyers lender will send out an appraiser to see if the property is worth the value you asked and received for it, basically covering the buyers bank to ensure the value is there.
- All parties show up to the day of closing as planned, signed, transfer keys, garage door openers etc and you’re done.
Of course this is the “summary” but its pretty accurate as top what to expect at that point.
Derrick