What to Expect as a Seller on Closing Day
Closing day is an exciting time for both the person purchasing the home and the person selling the property.
But as the person selling the home, you may have some questions on what to expect on closing day. Probably the most important of these questions is:
When will I receive the money from the sale?
Before we get there, let’s break down what closing day will be like for you, the seller.
Wallet, Keys, Checkbook: What You Need Before Arriving at Closing
- Photo ID and Secondary Identifying Documentation – So that the closing attorney can ensure you are who you say you are and have the authority to sell the property
- Keys, Garage Door Openers, Information to Device Credentials – So the new owner has access to the home and the systems within the homes such as smart devices
- Checkbook or Counter Checks – In case you need to make a payment.
Did that last bullet make you think, “Wait, why do I need a checkbook? I thought I was supposed to receive the money, not give it away!” Don’t worry; most likely, you won’t need it. Every once in a while, there’s an item that is discovered at the closing table that got missed by everyone who reviews the documents prior to closing. Humans, am I right? The checkbook is for those just in case situations. It is better to have it and not need it, then need it and not have it.
Closing Day: This is it, Don’t Get Scared Now
On closing day, it is traditional that all parties come together at the closing table and sign the documents that transfer the title from you as the seller to the new owners. These can be some of the sweetest moments in the home buying process. You as the owner, who lived and loved the house as your home, now passes it on to a new owner, a person who fell in love with what will become their house and is looking forward to making it a home of their own. These moments can be emotional for both parties.
I love watching homebuyers ask miscellaneous questions about things in the house, and when home sellers have a chance to share stories about their family’s lives in the home. It can be a really heart-warming time.
But know that it doesn’t always go that way. Sometimes as the home seller, you’ve moved to another state and so can’t be present for the closing. But when you’re able to be there and finally meet the new people who are going to love your old home, it can be a wonderful way to close the chapter.
Your Wise Investment in Real Estate: Receiving the Sale Proceeds
When do I receive the money?
Short Answer: The Same Day
The closing attorney will provide you with the proceeds from the sale that same day. You normally will have the choice of whether you want a physical check or if you want the law firm to wire the money directly to your bank account. Either way, you’ll reap the rewards of your wise real estate investment that same day.
How Long Is the Closing Going to Take
How much time should I carve out of my day for my closing?
Short Answer: Plan for at Least an Hour
How quickly this process happens depends on a couple of factors.
If the person buying your house is paying cash for the house, then they have already wired the money to the closing attorney. You’ll need to sign the forms, and then the process will be over, and you’ll receive the proceeds from the sale.
If the buyer is using a lender, it will usually take longer. Part of what makes the process take longer is, in addition to signing all the documents, you’re waiting on the lender to fund the loan. The lender has to receive and review the signed documents. Then the closing attorney is waiting to hear from the lender that they've funded the loan, and that the attorney can see the wired funds in their escrow account. At that point, the closing attorney can disburse the proceeds to you as the home seller.
That Was Easy!
Selling a home can be an emotional experience. It’s not just a transaction; it’s the end of one chapter and the beginning of a new. Focusing on your next step—whether it’s upgrading, downsizing, or relocating—can help ease the transition.
Need Help Selling Your Home?
If you’re considering the selling your home in the metro Atlanta area, I’d love to help.
Call or text me, Kelly Vandever, at 770-597-1108 and allow me to make your move easier.
