CHAPTER 10:
closing the sale - a step-by-step guide to closing the sale, including the role of the title company and how to prepare for the closing process

Closing the sale of your home is the final step in the home-selling process. It’s important to understand what to expect during the closing process. In this step, we’ll provide you with a step-by-step guide to closing the sale, including the role of the title company and how to prepare for the closing process.

 

The closing process depends on several factors. Sales are either financed through a mortgage company or through cash. This variable changes the closing process slightly. Some states use attorneys and do roundtable closings while in Northeast Ohio we use title companies and escrow. 

 

If a deal falls through at closing, you have to start back over to bringing the house on the market. Here are the steps that you will see in a typical closing in the Greater Cleveland, Akron, and Canton markets. 

 

OPEN AN ESCROW ACCOUNT

In Northeast Ohio, once you’ve accepted an offer on your home, you’ll need to open an escrow account with a title company. This account will hold the funds and documents necessary for the sale until the closing is complete.

HOME INSPECTION

The buyer will typically schedule a home inspection to ensure that the property is in good condition. If any issues are found during the inspection, the buyer may renegotiate the purchase price or request that they be repaired before the closing.

BUYERS FINANCING AND APPRAISAL

When a buyer is financing their purchase with a mortgage, there will be an appraisal process. Most banks will use a third-party appraiser to help validate the value of the home that the buyer is paying. 

REVIEW THE CLOSING DISCLOSURE

The title company will provide you with a closing disclosure that outlines all of the fees and expenses associated with the sale. Review this document carefully and make sure that all of the information is accurate.

FINAL WALKTHROUGH

The buyer will typically conduct a final walkthrough of the property to ensure that it’s in the same condition as when the offer was accepted. 

CLOSING DAY

On the day of the closing, you’ll sign all of the necessary paperwork to transfer ownership of the property to the buyer. The title company will ensure that all of the necessary documents are in order and that all fees and expenses are paid.

TRANSFER OF OWNERSHIP

Once the closing is complete, ownership of the property will be transferred to the buyer. You’ll receive the funds from the sale, minus any fees and expenses.

 

By understanding the closing process and working with the title company to ensure that all of the necessary paperwork and fees are in order, you can ensure a successful sale of your home. 

 

Congratulations on completing the home-selling process! Now it’s time to prepare for the move-out process. 

By understanding the closing process and working with the title company to ensure that all of the necessary paperwork and fees are in order, you can ensure a successful sale of your home. Congratulations on completing the home selling process!

If you want to get an idea of what your home value is in seconds, click HERE


In the next step, we’ll give you tips on how start preparing for the move-out process.