What to Expect When Closing on a Home Sale in Portland
Spring is just around the corner, and this is an excellent time to think about selling a home in Portland. Buyers who have been waiting out the cold months of winter are ready to start seeking bargains, and many are looking to buy and move before their kids are out of school and underfoot. Listing the home is just the first step in the process. Once you have found a buyer, you will need to be ready for the closing process. Portland home sellers who understand this process will be better equipped to effectively sell their homes with a minimal amount of hassle.
What Is the Closing?
At the closing, Portland home sellers officially transfer the title of the home from their name to the buyer's name. This is the final stage of any Oregon real estate transaction. An escrow company prepares all of the documents to legally make this transfer.
Who Needs to Be Present at the Closing?
At the closing, you and your home's buyer will meet at the escrow company's location. A representative from the escrow company will also be present. Any real estate agents you or the buyer have used will also be present, as will any real estate attorneys you work with in the process. If someone cannot be present, then they can grant power of attorney to a representative to be at the closing for them.
What Happens at the Closing?
Prior to the closing, the escrow company prepares the documents necessary to transfer the title of the home from the seller's name to the buyer's name. This will include the closing statements and all documents that have to be recorded with the county. At the closing, the escrow company will get the signatures necessary on these documents. They will also facilitate the signing of the buyer's new mortgage.
Once all of the paperwork is signed, the escrow company will collect the funds from the buyer, as well as the funds from your escrow account if applicable, and distribute these to the necessary individuals. This includes paying the real estate agents and paying off your existing loan. If there are additional profits, you will receive them at this time.
What Do You Need to Bring?
When selling a home in Portland, you do not need to bring much with you to the actual closing. The escrow company will handle the necessary paperwork. However, if any repairs were found in inspection that you agreed to make, you will want to have proof of these.
What Will be Included in Closing Costs?
Portland home sellers shoulder a lot of the expenses of the closing. Most of these come out of the profits on the home, but you should be aware of them. Total closing costs on a $200,000 are around $3,500, which may include appraisal fees, title insurance fees, real estate agent commission, escrow fees, etc.
Closing on a home when selling a home in Portland is not difficult. Understanding the process will help you enter the closing with confidence as you sell your home.