What to expect at closing

What Should I expect at closing ?

When it comes to closing, experience truly matters. While many home buying companies may promise a fast sale, there are no shortcuts when it comes to title and escrow, especially if your property is older or in a older neighborhood, inherited, in probate or in foreclosure.

With Ocean State Buyers, we make closing easy and worry-free regardless of the situation. In fact, we’ll even come to you, or send everything electronically… So you can close in the convenience of your home.

So what is the standard real estate closing timeline?

Because a lender isn’t involved, the closing time for cash purchases can be shorter. Once under contract, a cash sale can close in as few as two weeks — just enough time for the title and escrow companies to clear any liens, provide insurance, and get paperwork ready (more on that later).

The typical closing time for a financed purchase (one where the buyer is taking out a mortgage on the home they’re buying) is at least 30 days. Other popular closing time frames are 45 and 60 days, which are agreed upon by the buyer and seller, and usually chosen to align with relocation plans or another real estate purchase.

The first step in closing is accepting your offer and completing a Purchase and Sale Agreement contract — commonly known as “going under contract”, which we’ve already completed at this point.

 

Since we’re using our own cash to close the deal, you’ll want to make sure we actually have the money available. Typically, we give an earnest money deposit up front and provide proof of funds in the form of a bank or investment statement.

 
 
 

In Rhode Island and Massachusetts, attorneys handle all of the closing work. They are responsible for making sure the property lines are drawn correctly and that there are no property liens that need to be addressed; issuing title insurance; and, on closing day, ensuring that the actual property ownership changes hands. In addition, they will be responsible for managing all closing documents, facilitating the transfer of funds, and completing the legal paperwork that records the sale. We recommend that all sellers work with their own attorney as well. That way, your attorney can work hand-in-hand with ours to make this a seamless transaction!

What is a property lien?

A property lien is a legal notice related to an unpaid debt. If you’ve failed to pay your taxes, child support, the settlement for a court case against you, or a contractor who has done work for you, a lien can be placed on your home until you settle the debt.

Long story short: You can’t sell your home until all liens are cleared, and it’s the title company’s job to make sure there are no outstanding liens before closing.

 

This is the time frame for “discovery” and final vetting of the property. This can include a title search, appraisal, property inspections, surveys if needed, acquiring insurance quotes, reviewing HOA policy and any other information needed to make a good decision on the purchase.

The timing of due diligence can be critical. So we will make sure it meshes well with foreclosure deadlines, loan closing time frames and proposed closing dates if applicable.

Personal Property. Our contract allows for the inclusion or exclusion of personal property such as refrigerators, outdoor sheds and other items not attached to the physical property. We will be sure to be very clear regarding what is and is not part of the purchase.

Get your signing hand ready — it’s closing time, and a mountain of paperwork is pretty much a guarantee, even when dealing in cash. Here’s what you can expect to review and sign:

 
Closing instructions are sometimes signed when your escrow account is first opened, but if you haven’t signed them yet, you’ll do it now. It’s basically a detailed outline of the tasks your escrow company is responsible for, and the process they’ll follow to complete your closing.
Required by federal law, the HUD-1 is a detailed accounting of all money involved in the deal. It includes everything you will have negotiated up to this point, and more: sales price, payoff balances, pro-rated tax and utility bills, and more. You’ll want to keep this form for your taxes.
In this document, you sign to swear you have the right to sell the property.
The deed is the piece of paper that actually transfers ownership to the new owner. You’ll sign it at your closing, but your transaction will actually be considered closed when it’s recorded at the county courthouse.
If you have a mortgage on the property you’re selling, this document shows how much you owe to your lender as of closing day, which should match the amount the escrow company is going to pay off on your behalf.
On this document, you swear that there are no additional liens on your property from contractors or laborers.
If you and the buyer have negotiated any additional items into the deal —say, you’re leaving the backyard swing set or some specific furniture — these items will be outlined here.
By signing this document, you state you were told about all closing costs and other fees ahead of time. [Which will be $0 when selling to Ocean State Buyer]
Simply put, you swear that you are who you say you are.

That’s it! Once you [the seller] and Ocean State Buyers have signed the final closing documents, then the title company will record the deed and it’s payday for you!

You’ll receive your funds via check or wire transfer within 24 hours typically.

Once you have given us the property details, we will contact you shortly (usually within 24 hours). In some situations, we will need to gather additional information. We will research your property and discuss all the details with you. We may be able to make you an offer right over the phone, or in most cases we will schedule a time with you to view the property and make you an offer!

We buy houses in any condition, in any area, in any price range, in any situation! We will buy your house as-is, you don’t need to do ANY repairs.

DIVORCE
PROBATE
PRE-FORCLOSURE
DEBT
RELOCATION
JOB LOSS
Downsizing
Tired Landlord

Whether your house is in foreclosure, over-leveraged, condemned, has liens or health department violations, not maintained, burned, damaged, or about to fall down WE CAN BUY IT!
Nothing! We do not charge you any fees to discuss your situation, make you an offer or to buy your home.
No! There is no obligation! We will simply review the information, make you an offer, and you choose to accept or reject it, it’s your choice!

ABSOLUTELY 100%! Your privacy is of the utmost importance to us. Any information you provide is completely confidential! If you want to deal with a reliable, reputable company who will treat you with professionalism, understanding, and respect – YOU HAVE COME TO THE RIGHT PLACE!

YES! We are a professional real estate solutions company with years of experience in solving these types of difficult situations. Please contact us for a confidential consultation.

Selling your home with a traditional sale requires you to get an inspection, and pay for repairs, painting and cleaning. It’s expensive and time-consuming. Then it can take months or even years – if it sells at all. That’s why we do things a different way. When we buy houses, we can pay cash for your house “as is.” That means:

  • No repairs. With us, sellers don’t have to spend time and money fixing up their house. We can buy a house even if it could use a few repairs.
  • No cleaning. Same for cleaning. It’s okay if there’s mold in the shower or cobwebs in the corner. We don’t mind.
  • No paying typical closing costs. We can take care of normal closing costs so the seller won’t have to worry about that aspect.
  • No open houses. Open houses can be stressful, as dozens of potential buyers wander through the home. With us, you’ll just meet with one person, a friendly local franchisee who is ready to make an offer.
  • No waiting on bankers. It can take a long time for a bank to grant approval, and we understand that waiting can be hard. That’s why we use a process that is quick and efficient. In fact, our sellers can even close in as little as three weeks.

Please contact me at Jesse@OceanStateBuyer.com, or call me direct at (401) 318-3125 with your question and I’ll be happy to assist you.