Home Closings: What To Expect

When someone makes an offer on my property and I accept his offer

, that's just the beginning of the closing process. Whenever I sell my house I have to remember that the closing process can take several weeks, so I keep notes in my scheduler to help me stay on track.

Actually, the majority of activities in the closing process involve the buyer. There are time frames specified for property inspection and financing commitment, and the buyer is required to let the seller know if the house has passed inspection satisfactorily as well as whether he has qualified for financing or been turned down. I've learned to stay on top of these time frames and to contact my agent or the buyer if I haven't heard from them.

It's in my best interest to keep track of the transaction schedule so I know what I need to do myself if necessary. If I have to put my house back on the market because a buyer finds something he doesn't like during the house inspection or if he is turned down for financing I need to get on with listing or advertising it again to find another buyer.

So how and when do I know when my sale is final? This answer might be a little bit surprising, but I always keep it in mind when I sell my house. A real estate sale transaction is not actually complete until the new deed is recorded with the country recorder. You may finish up on closing day and deposit your proceeds check in the bank before the new deed transferring title of your property to your buyer is recorded, but that's the moment your sale becomes final. The deed is file-stamped with a date and a time, so there's a public record of it, although you may not see that recorded deed at all. You can ask for a copy if you like, but it's really not important to the seller when you sell a house, only to the buyer.

However, if I had a mortgage loan on my house I'll be looking for the mortgage release paperwork to come back from the country recorder. That particular closing document interests me very much. When the county recorder file-stamps my mortgage release form that means I have no further responsibility to pay for the property. So, when I sell my house I know the sale is final when my mortgage release is filed and my buyer knows the sale is final when his deed is filed. When the county recorder's task is complete, that's when the transaction is complete.

by: Leo Kingston

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