Step 7: Closing on the Sale of Your Home and Turning Over Possession
“Closing” is the final step in the process of selling your home. It’s almost always held at the offices of the title company that issued the title opinion back in Step 5. The closing is where you get paid by the buyer and officially turn over ownership of the home.
“Getting paid by the buyer” and “turning over ownership of the home” sound like simple things, but they involve a LOT of paperwork. It’s not unusual for sellers to have more than 20 separate forms to sign at a closing. (If it makes you feel better, the buyer typically has even more to sign.) You should expect the closing to take anywhere from 30 to 90 minutes.
As your Realtor®, I will be there with you at the closing. My role in the process is to review all settlement statements (closing documents) for accuracy and reasonableness before you sign. I’ll also answer any questions you may have about the purpose of each document.
Unless you have negotiated otherwise in advance, you should be completely moved out of the home by the time of the closing. In Colorado, we typically see buyers take possession of the home either at closing or no more than two days after closing. (It is sometimes possible to stay in the home longer than that; however, that would need to be negotiated with the buyer ahead of closing and would involve a rental fee payable to the buyer after closing.)
What’s Step 8? That’s easy – CELEBRATE!
And Step 9 is to submit a testimonial through my website or on your favorite online platform: