All cash deals to house-selling process.

What is the standard real estate closing timeline?

Time off for all-cash purchases

Because a lender is not involved, the closing time for cash purchases may be reduced. Once you are under contract, a cash sale can close in two weeks - enough time for title and escrow companies to clear any pleas, provide insurance, and prepare for paperwork ( More on that later).

Closing time for a financed purchase

The normal closing time for a financed purchase (where a buyer is buying a home is at least 30 days). Other popular closing deadlines are 45 and 60 days, agreed upon by the buyer and seller, and are usually chosen to align with relocation plans or any other real estate purchase.

The whole process to selling a home for cash? 

• Sign the contract - The first step in closing is to accept your buyer's offer and complete a purchase and sale contract agreement - commonly known as "under contract."

• Verify proof of money- Since your buyer is using their own cash to close the deal, you want to make sure that they actually have the money available. Typically, you ask for the earnest front (usually 1-2 percent of the sale price) and request money in the form of bank or investment statements. Your real estate agent can help facilitate this process.

• Rent Title & Escrow Companies- Depending on the state, you can choose the companies, or choose the buyer. A title company is responsible for ensuring that the property lines are drawn correctly and that there are no asset liabilities that need to be addressed; Issuing title insurance; And, on the day of closing, ensuring that ownership of real property changes hands.

The escrow company is responsible for managing all closing documents, facilitating the transfer of funds, and completing legal paperwork recording the sale. Note that sometimes the same company can handle both title and escrow functions.

What is a property lien? A property lien is a legal notice related to an unpaid debt. If you failed to pay your taxes, child support, agreement for a court case against you, or a contractor who worked for you, a lien on your loan can be held until You do not settle debt.

Long story short: You can't sell your home until all the liars are cleared, and the title is the company's job to make sure there are no dues before closing.

• Pass home inspection- It is common for buyers to submit their offer with an inspection contingency, which is an addendum stating that they will pay to conduct an inspection, but they have a repair-sale or re-agreed sale based on the findings There is an option to request a price. Once this final conversation is over, you are ready to close.

• Review and sign closed documents:-Get ready to sign your own - It's closing time, and a mountain of paperwork is pretty much guaranteed even while working in cash. Here you can expect a review and signature:

Final Closing Instructions: Closing instructions are signed when your escrow account is first opened, but if you have not yet signed them in, you will do it now. This is basically a detailed outline of your escrow company's actions, and the process they will take to complete your closing. Be sure to double check all amounts.

HUD-1 Agreement Statement: Required by federal law, the HUD-1 is a detailed accounting of all monies involved in the transaction. This includes everything you've negotiated at this point, and more: selling prices, balance of payments, pro-rated tax and utility bills, and more. You want to keep this form for your taxes. Be sure to let your closing agent go from line to line before you can check for errors when you sign in.

Certificate of title: In this document, you sign an oath that you have the right to sell the property.

Title deed: The deed is a piece of paper that actually transfers ownership to the new owner. You will sign it at your closing, but your transaction will be deemed to be actually closed when recorded in the county transaction.

Loan repayment statement: If you have a mortgage on the property being sold, this document shows how much you pay your lender on the closing day, which should match the amount the escrow company is paying on your behalf. 

Mechanics lie: On this document, you swear that there is no additional liability on your property from contractors or laborers.

Bill of Sale: If you and the buyer have negotiated for any additional items in the deal, you are leaving the backyard swing set or some specific furniture - these items will be outlined here.

Statement of Closing Costs: By signing this document, you are told that you were informed of all closing costs and other charges ahead of time.

Details of information: Simply put, you swear that you are what you say you are.

What is required to close a cash real estate deal?

Make sure to bring the following items with you for your signature:

• Your government issued ID.

• Deed, if your house is paid.

• Code for house keys, garage door remote, and keyless entry and alarm systems. 

• A certified or cashier's check to cover any outstanding costs that are not covered by your income, such as lien payments, property taxes, or prior utilities. Your escrow company should let you know ahead of time if you need to bring additional funds.

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