So the end of the long process of selling your Northwest Arkansas house is finally in sight. You’re through with the showings, you’ve accepted a buyer’s offer, and negotiations have been completed. But the final, irreversible step remains – closing. If you’re a little anxious about that, here’s what to expect at the closing table.
What is Closing?
First, you should be aware of what closing actually is before selling your Northwest Arkansas house. Simply put, it is the buyer’s and seller’s signed fulfillment of all the terms agreed on in the sales contract. Closing is also called “settlement” because buyer and seller, their agents, and their lenders are all settling up among themselves. All closing tasks are viewed as being simultaneously finalized at the closing table, so, usually, there is a disinterested third party, called a “Closing agent” or “escrowee,” present to make sure everything is done properly.
Where Does It Happen and Who Is Present?
Closing, as the final step of selling your Northwest Arkansas house, generally takes place at the title insurance company insuring the buyer’s title to the property. On rarer occasions, it can happen at an attorney’s office.
Last-Minute Preparations
If the agreement for selling your Northwest Arkansas house included terms about performing certain repairs, do make sure those repairs have been done before the closing date. Real estate experts advise getting the repairs completed well before the closing to avoid any chance of jeopardizing the closing. The sale agreement is, after all, contingent on those repairs/improvements/replacements being done.
What To Expect at The Closing Table
Most of the time, most closings go smoothly without any kind of hitch or problem. Typically, you just carefully review and sign the pertinent documents, wait for the buyer to sign the documents (which can take an hour to an hour and a half) – and then get your money.
Experts recommend that you pay especially close attention to the settlement statement. This important document states how much you’re making on the sale, as well as the tax implications. And you need to make sure the figures in the settlement statement line up with what you were told they would be and what you were expecting.
But things can (and occasionally do) go wrong come closing time. It does happen that the buyer, right up to the closing day, wants to negotiate further. And if the final document hasn’t been signed yet, the buyer can do this. If you can accommodate the buyer without having to change the sale terms, closing can still take place at that time. But if the buyer wants and you agree to major changes, then closing will have to be postponed.
Selling your home can be a lengthy, frustrating process, and even at the closing table things can go wrong. But forewarned is forearmed, as they say. Maybe, though, you want the assurance of working with an agent who’s been through the process numerous times when selling your Northwest Arkansas house. In that case, I may have just what you need.