Selling a house involves more than just the purchase agreement. Buyers need to perform due diligence, such as a survey or home inspection, while sellers must give access and respond promptly to requests. Sellers must also coordinate with the title company to clear requirements to prepare for closing, which can reveal obligations they may have forgotten about, such as a mortgage or trust. These requirements can be as simple as getting a payoff from a bank, but there may be breaks in the chain of title or former owners with interests to address. It's also important for sellers to prepare to move out after closing.
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Who schedules the real estate closing
The video discusses who typically schedules the closing for a real estate transaction and what factors impact the timeline. While any party involved in the transaction can suggest a closing date, the buyer's lender often drives the timeline due to federal regulations requiring a minimum review period for documents.
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What should a buyer expect at a real estate closing
Buyers have a lot to do at a closing, including reviewing all documents provided by the lender, understanding the terms of the settlement statement, ensuring that the property is ready for closing and more.
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Seller and buyer responsibilities in a real estate transaction
If you're in the process of buying or selling a home, it's important to understand the different requirements that need to be met by both parties before the closing date.
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