Tonight, you can celebrate, but today there will be a lot of paper signing and a poignant passing of the keys (do not forget the garage keys, and the electric garage opener, too).
At the settlement will be an attorney or title company representative, the buyer, listing and selling brokers, and all owners. The home seller should bring all warranties on equipment (or leave them in the house) and any instructions on equipment maintenance or operation.
The attorney will have searched the title, and obtained old and new lender instructions. First, all unresolved walk-through deficiencies are resolved.
With the buyer, the attorney explains the deed of trust, deed of trust note, and settlement sheets. The buyer signs all three, and pays the balance of the down payment and buyers closing costs.
With all owners, the attorney explains the deed and settlement sheets and gets the home seller signatures on them. The seller pays appropriate closing costs.
Sellers Settlement Costs
The closing costs for the seller may include:
The attorney or title company will disburse funds after all funds are in hand, checks have cleared, the new lender has reviewed papers, and the title has been re-checked and the deed recorded. The seller should not plan to receive funds for up to four days.
The house has now been sold, settled, and funds disbursed.