It’s finally happened; after listing your home and surviving the countless open houses and lowball offers, a buyer finally comes forward with an acceptable offer. They’ve signed the sales contract and you can see the light at the end of the tunnel—until a landslide of financial, contractual, and legal steps on both sides snuffs out that light faster than you can say “closing.”
Yes, sadly, a signed sales contract does not mean that your house is sold. Before you can make it to the closing table where your house will well and truly be sold, the buyer has to get financing to meet the contract terms—which includes credit checks.
Additionally, the property is inspected and appraised; title insurance and escrow accounts are set up while you locate new housing, pack and move. You’ll also need to take care of any obligations like painting or repairs. After the contract is signed, it can take a month or more of closing steps to reach the closing meeting.
When you plan to sell your house, make sure to factor the appropriate closing steps into your plans.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: How Is Title Insurance Different?