Welcome back to the final installment of our FSBO blog series! In Part 5, we explored the art of negotiations, and now we're ready to discuss the crucial steps to closing the deal and transferring ownership.
1. Sign a Purchase Agreement
Once negotiations are complete and you've accepted an offer, it's time to sign a purchase agreement. This legally binding document outlines the terms and conditions of the sale, including the purchase price, contingencies, and closing date.
2. Hire a Title Company or Attorney
To ensure a smooth closing process, consider hiring a reputable title company or real estate attorney. They will conduct a title search, handle all necessary paperwork, and oversee the transfer of ownership.
3. Address Contingencies
Most purchase agreements include contingencies, such as home inspections and financing approval. Work with the buyer to address any contingencies promptly to keep the sale on track.
4. Prepare for Closing Costs
As the seller, you may be responsible for certain closing costs, such as prorated property taxes and title insurance. Be prepared to cover these expenses at the closing table.
5. Conduct a Final Walk-Through
Before closing, the buyer will likely conduct a final walk-through of the property to ensure everything is in the agreed-upon condition. Be accommodating during this process to avoid any last-minute issues.
6. Gather Necessary Documents
Work with your title company or attorney to gather all required documents for the closing. This may include the deed, property survey, and any additional paperwork related to the sale.
7. Attend the Closing
On the closing day, both you and the buyer will meet with the title company or attorney to sign the necessary paperwork and complete the transaction.
Congratulations, you've sold your home!
8. Transfer Ownership
After the closing, ownership of the property is officially transferred to the buyer. Ensure that all utilities and services are transferred out of your name, and provide the buyer with any necessary keys and access codes.
9. Celebrate Your Success
Selling your home as a FSBO is a significant achievement! Take some time to celebrate your success and embrace your next chapter.
We hope this blog series has empowered you with valuable knowledge and insights to successfully navigate the FSBO process. If you ever decide to work with a real estate professional in the future, TBT Homes is here to assist you. Thank you for joining us, and best wishes on your real estate journey!