Unless you’re dealing with a first-time buyer, it’s likely your buyer has to close another sale before this one happens. To make it through closing quickly and get paid on time, don’t forget to bring these things to the closing table: Sorry to burst your bubble—if you sold your home for $300,000, you aren’t going to get paid $300,000 after closing. If the transaction does NOT close, the answer to the question of whether you get your Earnest Money back turns from a YES into a MAYBE. There can be a lot of steps to the closing process, which may take an average of 50 days. You and the buyer will agree on the date when you have to be out of the house so they can take possession, a firm deadline that’s written into the closing documents. What if paperwork isn’t finished by closing day? When Is the Best Time to Sell Your House? You’re ready to cash out a huge investment and dreaming of that big, beautiful check. “On closing day, the seller can expect to sign what we call the closing documents,” says Smith. The day you receive the funds from the sale of your home is like Christmas morning — times 100. This typically takes four to six weeks after finalizing the purchase and sales agreement. Regardless of when the closing is scheduled, it can’t happen until the closing agent notifies the parties that all necessary paperwork is in order. Find top real estate agents in these similar cities, HomeLight has an A+ rating with the Also, Fridays are considered less than ideal because that’s a busy bank day. Interest accrues on the loan from the date of closing; two months later, regardless of the time of month you closed, the buyer has paid the same. In Texas, a common question Sellers ask is "when do I get my money?" Keys are also given by the seller to the buyer at closing (or sometimes shortly after). As a seller, keep in mind that the escrow officer will wire you the proceeds of the sale within two days after closing your deal. If in reviewing documents either the seller or buyer finds a name misspelled or an incorrect address, or figures that don’t add up, the errors must be fixed before closing proceeds. by Corinne Rivera Depending on your local laws, you will either sign the closing documents before the buyer signs them, or go to the final closing and sign them on site. In most cases, the net sale proceeds (after payment of the real estate commission, legal fees, taxes, any mortgage, and so on) will be deposited in your bank account on the next business day. When exectued properly, they’re (nearly) instant and (relatively) inexpensive. Failing to close on the agreed-upon date would be a breach of contract, assuming that the closing date was one of the contractual terms. So my account is currently closed due to 2 inauthentic complains. But first, you have to make it to closing or settlement. “And if any issues come up, we can resolve with the lender while they’re still open.”. In the event that the listing agent can prepare to have you sign the deed and transfer documents ahead of time, you might be able to skip the meeting altogether. Closing day is payday, and in most cases, you’ll be able to collect your home sale profit as soon as the ink dries on the final documents. The buyer will receive all keys to the house and outbuildings, plus the garage door opener and security system codes. Let’s break it down. But if a closing happens at 6 pm on a Friday the possibility of the seller getting paid that same day is slim to none. The buyer will pay 26 days of prepaid interest at closing, but her first mortgage payment won’t be due until December 1. In Texas, a common question Sellers ask is "when do I get my money?" 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