The home-selling process can be an exciting prospect, whether you are moving on to the next phase of your life or cashing in on a real estate investment. When you reach the final steps of the sale, all that remains is to close the deal by signing ownership over to the buyer.
By keeping a few general pieces of advice in mind, you can avoid some of the worst pitfalls that might emerge as you get closer to sealing the deal.
1. Title insurance can protect against unknown variables
Before you can present the closing documents to your homebuyer, a title search will take place that reveals any financial claims against the property. This might include a lien for bills that you or a previous owner failed to pay. Having title insurance in place can ensure that such an event will not hinder the closing process.
2. A home inspection can smooth over the sale
A home inspection is not a typical requirement for selling a home, but many buyers will request it. Being proactive and transparent about the home inspection and handling any necessary repairs ahead of time can lead to a quicker closing.
3. It is essential to understand all documents before signing
The person selling a property often feels like they are taking just as much of a leap of faith as the buyer. Both sides are making a huge commitment by signing the closing documents. To protect yourself and your finances, it is crucial to fully understand the terms of your agreement.
Another issue that might arise during or after closing is if the buyer violates their contractual obligations to you as the seller. If this occurs, it may be necessary to pursue additional legal action.