You don’t transfer ownership of your Texas home to a buyer immediately after accepting that person’s offer to acquire it. Instead, you must go through a series of steps to ensure that the transaction is completed in accordance with local, state and other applicable laws. Take a look at what you should know about the process of closing on a home sale.
Are you the home’s legal owner?
The first step in the residential real estate closing process is to perform a title search to verify that you are the legal owner of the home that you want to sell. While this is probably the case, it’s possible that someone else may make a claim on the property. For instance, the heir to the estate of the home’s previous owner may realize that he or she should have been given the title to the property before you purchased it years ago. There is also a chance that fraud or human error could have resulted in issues with the title. If any problems arise, they will need to be taken care of before the sale can be completed.
Is the house ready to be sold?
Prior to the closing date, the buyer will likely want to have the home inspected to determine if there are any serious issues with it. The buyer’s lender may also want to inspect the property to ensure that it is free from any defects that might impact its value. It’s important to note that a sale can still proceed even if serious issues are found such as a leaking roof, a damaged foundation or a pest infestation. Depending on the terms of the buyer’s offer sheet, that person may be required to buy the home regardless of what the inspection reveals.
As a general rule, the process of closing on a home sale will take about four to six weeks. However, this timeline may be influenced by the presence of a cash offer or other factors unique to a given sale.