CHAPTER 13 Inspections and Closing: Getting Things Done Without An Agent In most cases, once the contract is signed, that means the deal has gone through. However, that does not mean one can just relax and assume that everything will work out fine. It is important to be vigilant during this time. In between signing the contract and closing, you should ensure that you are working hand in hand with the buyer’s inspector and an appraiser. You must make an effort to ensure that the purchaser is making progress. You should also consider hiring a closing company. The last step is to make a schedule and then go ahead and close the deal. When selling a house on your own, closing is one of the most challenging steps. There are countless legal details that one needs to cover. In order to successfully cover this step, there are several things that one needs to understand, including several key terms. First of all, one needs to understand what exactly is meant by a settlement. “Settlement” refers to the particular time when all the lender’s and buyer’s funds have been deposited into the settlement attorney’s escrow account, the lender’s documents have been signed, the deed and all other related documents have also been signed, and all financial calculations are complete and have been disclosed in the HUD-1 settlement sheet. The HUD-1 settlement sheet is issued by the US government to record all financial transactions involving real estate. The document is prepared and issued by an attorney, and every party is supposed to have a copy of the document available upon request. One should also understand that the attorney does not represent 107
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