CHAPTER 13 Inspections and Closing: Getting Things Done Without An Agent In most cases, the deal has gone through once the contract is signed. However, that does not mean one can relax and assume everything will work fine. I think it's essential to be vigilant during this time. Between signing the contract and closing, you should ensure that you are working hand in hand with the buyer’s inspector and an appraiser. You must make an effort to ensure that the purchaser is making progress. You should also consider hiring a closing company. The last step is to create a schedule and then go ahead and close the deal. Closing is one of the most challenging steps when selling a house on your own. There are countless legal details that one needs to cover. In order to successfully complete this step, one needs to understand several key terms. First of all, one needs to understand what exactly a settlement means. “Settlement” refers to the particular time when all the lender’s and buyer’s funds have been deposited into the settlement attorney’s escrow account, the lender’s documents have been signed, the deed and all other related documents have also been signed, and all financial calculations are complete and have been disclosed in the HUD-1 settlement sheet. The US government issues the HUD-1 settlement sheet to record all financial transactions involving real estate. The document is prepared and issued by an attorney, and every party is supposed to have a copy available upon request.
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