Texas Closing, Funding and Possession
The final stage in selling your home
Learn the Texas 3-Step: Closing, Funding and Possession
In Texas, home buyers and sellers typically finalize the sale of the home at a local Title Company per the agreed upon contract. This is called the Real Estate Closing.
The closing is a critical part of the home selling process. At the closing, your home will legally be transferred to the home buyer. Be prepared for a lot of paperwork. You'll be signing your name on a lot of documents during this process. Review the following points to help you prepare for your closing.
It's important to understand there are three main elements which may not happen all at the same time: Closing, Funding and Possession.
Prior to the Closing
Most Texas home buyers purchase a home using one or two lenders to finance the real estate they are buying. The monies are wire transferred from the lender(s) to the title company AFTER final approval of the paperwork by loan underwriters NOT the loan officer, banker or mortgage broker the buyer has been working with. The buyers loan underwriters are the key players nobody sees who make the closing smooth or rough. The title company wants the closing and funding to go smoothly so they work in advance and during closing with the underwriters to provide the necessary paperwork to achieve underwriter approval and funding. It's not uncommon for the closing paperwork to be signed by both buyer and seller but funding to occur after close of business.
Typically when everything goes smoothly, possession occurs the same day after closing and funding. However, Possession is a term in the contract between the buyer and seller so possession is whatever you agreed upon. Depending upon move schedules, buyers and sellers may contractually agree to possession occurring before or after closing.
The moment you've been waiting for - You've sold your house. Possession: At the closing your Realtor will turn over the keys, garage door openers, etc to the Title Company who will transfer them, after both closings and funding, to the buyer. Funding: The Title company receives and disperses the funds. You will be given a check you can take straight to the bank (or it's already wire transferred into your account).
The home selling process may seem lengthy and complicated at times, but your Hitz Team Keller Williams Realty Northwest Agent is here to guide you through the process. You can trust in the Premier Service of GMAC Real Estate.
Clients ask how Realtors gets paid for their services. The simple answer is that we get paid after everybody else. The Title Company, after funding, per the listing agreement and sales contract, provides commission checks to the Real Estate Brokers. The broker then disperses a commission to the agent.
Contact Mark Hitz, Realtor, Keller Williams Realty today for your Real Estate Needs. If you are thinking of selling a home, or want to talk with an expert Real Estate Agent with detailed knowledge the local Real Estate Market, please feel free to contact us. Simply call Mark Hitz at 214-514-1800, or e-mail us. We'll be glad to talk with you, and help you in all of your Real Estate needs.
The information provide above concerning closing, funding, possession, loans, underwriters and title company roles is personal commentary and should not be taken as fact. Why? The Texas Real Estate Commission who licenses Texas real estate agents is very clear about informing clients that even as Texas Realtors, we are licensed as real estate salesmen and are: not Texas licensed attorneys giving any legal advice or binding legal information; not Texas licensed home inspectors, not appraisers, not surveyors, not loan officers, bankers or underwriters and are not title company representatives.