CHAPTER 15 Finalizing The Sale It's Not Closed Before The Money Is In The Bank
The adage "It's not over until it's over" is particularly apt when it comes to real estate transactions. Even after the paperwork is signed and the handshake seals the deal, the sale of your home isn't truly final until the money is safely deposited in the bank. This chapter will discuss the final steps of the closing process, emphasizing the financial transactions that complete the sale and the precautions you should take to ensure everything goes smoothly.
Understanding the Financial Close
Closing on your home involves several financial transactions, which can include paying off the existing mortgage, disbursing funds to relevant parties, and ultimately receiving the sale proceeds. Here's what you need to know: Payoff of Existing Mortgage: If you have an outstanding mortgage, the balance must be paid off as part of the closing process. Ensure your lender provides an accurate payoff amount. Disbursement of Funds: The closing agent will oversee the disbursement of funds from the escrow account, ensuring all parties receive the correct amounts as laid out in the Closing Disclosure. Receiving Your Proceeds: As the seller, you will receive the net proceeds from the sale after all disbursements have been made. This is typically done via wire transfer directly to your bank 57
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