CHAPTER 18 Once You've Sold Your Home our Home
STEP 7: THE CLOSING
You should arrive at the closing at least 10 minutes before the scheduled time. Most title companies allow an hour for each closing, and they try to keep to their schedule. A cash sale closing usually only takes 10–15 minutes, whereas a closing with a new loan usually takes about 45-60 minutes. If there are problems or paper mistakes, it can take longer. The closing agent will collect and disperse all money. You should receive a check at the end of the closing for your net proceeds. In rare cases, it may be several hours later before the closing agent can disperse your money. You can also request your proceeds be wired to your personal account. The title company can advise you on how to do that and what is required. During the closing, you will meet with your buyer and other necessary parties to transfer ownership of your property. Sometimes, closing is also referred to as a settlement. All paperwork is signed, agreements completed, and details finalized at the closing. Where and how your closing will take place depends on customs and practices used where you live. The closing often takes place at the closing agent’s office or title company. Make sure to stay in touch with this agent to be 100% certain that your sale doesn’t get off track. There shouldn’t be any surprises at the closing.
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