The home closing process for home sellers By Harriet Robertson
SIGNING THE PURCHASE OFFER. It is among the first stages of the closing process. Sellers sign a purchase offer received from a potential buyer, which includes timelines
for inspection and approvals, detailing the payment methods for a house. Sellers are also included in methods that show how the sales will proceed. After signing the purchase offer, the seller is normally required to; OPENING AN ESCROW ACCOUNT AND, IN SOME CASES, HIRING AN ATTORNEY. An escrow account is one that an account that is classified as a third-party one and in which a buyer deposits money and necessary documents are held till all issues are over. Sellers must have an escrow account because that is where the money for a house is deposited. About 1-3% of the money deposited is used as part of the downpayment. Sellers are usually also present as attorneys representing the interest of individuals. Sellers are then involved in ; JULY 2022 | 99
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H
ome closing is among the final processes of transferring ownership from a seller to a buyer. Home closing is done after a seller selects an offer among the many received and takes one month or two if issues arise. It is usually a stage that involves buyers, sellers and lenders. It is a process that takes place in the office of an escrow. Closing is also called a settlement and happens when both the buyer and seller meet the agreement of the sale contract, and then documents and money are transferred, ensuring that a house is transferred to the new owner in good condition. Other people are included when need be. Sellers, in particular, perform various tasks such as;
