What Happens During The Closing Stage When Selling A Home?

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Every step of the selling process is vital to the success of the sale. From listing, staging, showings, making negotiations, to finally closing the deal. Any mistake or surprises along the way have the potential of messing up the entire process. Many homeowners don’t quite understand what closing means when selling a home. 

Closing is the final step of the selling process. Once you have reached this stage, you’re a step closer to having full ownership of the property. Most of the time, the closing date is determined by different factors or can be chosen by the seller, but on rare occasions. Getting to the closing stage is a relief to many since every sale has the risk of falling through before entering the final step. 

Closing Costs: Who Pays For Them?

Closing costs are paid following the terms of the sale, which are discussed between the buyer and seller. The buyer typically pays for most of the closing costs, ranging between 2-5% of the final sale price. 

Buyer’s Closing Costs

The closing costs a buyer has to pay usually include the following:

Attorneys fees

  • Real estate closings involve attorneys for all parties involved, including seller and buyer. 
  • Each party is responsible for the attorney’s fees.

Credit report fees

  • These fees are charged when a lender has to qualify your credit to see that everything is good to go. 

Inspection fees

  • In most cases, a complete home inspection is required. 

Appraisal fees

  • An appraisal helps to verify that the sale of a property is justified. 

Title search fees

  • There is a background check on the title to see that everything is up to date regarding payments. 

Please note that these costs will vary depending on your location. Both parties’ responsibility to assume these costs will also depend on the area the selling process is taking place.

Seller’s Closing Costs

Sellers usually have fewer things to pay than buyers. However, they have to assume responsibility for some additional costs during the selling process, which may be more expensive than what buyers pay in some cases. 

A seller’s closing costs include:

Commissions and fees of real estate agents

  • Most sellers usually hire real estate agents to assist them with selling their home, consisting of a commission and fee of at least 6% of the selling price. 
  • It doesn’t matter how good or bad the selling price turns out to be; sellers still have to pay for a real estate agent’s services. 

Title insurance

  • Title insurance protects the owner in case issues associated with the title are discovered.

Transfer taxes

  • Transfer taxes are required when transferring a property’s title.

Home warranty

  • Most sellers provide buyers with a home warranty of a year to give them peace of mind and incentivizing them to purchase the property. 

What To Expect

The closing of a sale is the most anticipated stage of the selling process by every homeowner. During this stage, the final details are handled. Similarly, sellers can expect to get paid for any remaining costs, and this is the part where they usually sign and transfer the ownership of the property to the buyer. 

Closing costs in Gainesville, GA, are unsurprisingly expensive, just like in other states. As a result, many homeowners worry about the final stage of the selling process since they find out until that very moment how much they will have to pay for closing the sale. The good news is that there is a solution to this uncertainty and stress. 

In the last few years, thousands of sales have fallen through before reaching the selling process’s final step. This is unfortunate for many homeowners who desperately need to sell their properties and close the deal with a reasonable offer. However, Bogino Properties, a home buying company, is here to help those facing challenging situations. 

Your Ideal Solution: Bogino Properties 

At Bogino Properties, we buy houses for cash in Gainesville. We care about our customers, and that is why we have dedicated our time to prioritizing their needs and looking for solutions to help them get out of difficult situations. 

Our goal is to buy houses for cash in Gainesville to take off the stress of dealing with a long process. An advantage of working with us is that you don’t have to worry about paying expensive closing costs, repairs, or any additional costs to sell your property. 

We guarantee a closing date in less than seven days. Close the selling process with a great offer in hand. 

LEARN MORE HERE

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