Pittsburgh Homeowners: What Happens During the Closing?
When a Pittsburgh homeowner understands the closing process, things always seem to run smoother.
A real estate closing is when the home officially transfers from the seller to the new buyer. It’s also the event where the seller receives their proceeds from the sale.
This process is usually relatively smooth if you’ve ensured that everything you need for that day is in order. To stay on track, your real estate agent and the title company will help guide you through the process.
As a Pittsburgh homeowner, you may be required to schedule a dye test and/or occupancy inspection depending on the municipality requirements. It is important that these inspections are scheduled as soon as possible so as not to delay the closing.
Additionally, if you live in a neighborhood with a homeowner’s association, you will need to order a resale package that provides the buyer with all the rules & regulations, governing docs, and a resale certificate that details any amounts due to the seller and the buyer at closing.
The buyer will schedule the closing and try to accommodate your plans. Always allow for more time than you think it might take. Sometimes closing run a little longer. Typically, a closing will take approximately an hour.
It’s tempting to schedule the closing on the very last day of the month because the buyer saves interest money. But, historically, that is the busiest day for the title company. Scheduling the closing a few days earlier will allow for unexpected delays without requiring the buyer to bring significant additional cash for closing due to increased interest charges.
The buyer will do a final walk-through of the house a few days or the day before the closing to ensure that everything agreed upon was accomplished. If there were any repairs due to the home inspections, you will want to provide the buyer with a copy of any paid invoices for their records. It is best if the final walk-through is scheduled after your belongings have been moved from the home. Keep that in mind when making your moving arrangements.
The seller can choose to attend closing or sign their documents before the final closing date. The buyer will attend the closing in person to sign. The title company’s representative and the real estate agents also attend.
The title company prepares all the documentation and ensures that all needed signatures are obtained before disbursing any proceeds or commissions. The buyer and seller will sign an affidavit agreeing to cooperate with the title company if any additional information or corrections are required after closing.
After you and the buyer sign all the paperwork, you’ll receive a check minus all the agreed-upon costs you’re paying as well as your share of the closing costs. You can also elect to have your proceeds wired directly to your bank account. Once all documents are finalized, the buyer will receive the keys and legally gain possession of the home.
The title company representative will return the documents to the title company’s office to process and distribute the documents. They provide the documents to the lender for processing, pay any invoices required from the sales proceeds, and record the deed in the county offices.
If you want to remain a Pittsburgh homeowner, our team can help you coordinate a seamless move from your old home to your new home.
The SAYHAY Team has the experience and expertise to guide you through the entire sales process. Contact us at 412-755-3600 for a free seller’s consultation.
Written by Judi SAYHAY on October 20, 2021 . Posted in Home Seller, Pittsburgh Real Estate Market