Getting to the closing table is reaching the finish line of the real estate transaction marathon. For home sellers, it’s the day you officially transfer ownership of the property to the buyer and receive the funds from the home sale. After weeks or even months, the showings, inspections, and mountains of paperwork finally pay off. Closing day brings it all together, tying everything up into a nice bow.
The big problem, though, is that many sellers don’t remember what happens at a house closing. That’s why we’ve put this guide together for you. We’ll go over what happens at a house closing for a seller in Ohio. You’ll learn everything you need to know about closing documents, titling, using an escrow company, and more. We’ll make sure you know exactly what to expect.
The closing process for a seller in Ohio will typically take place at one of three places: the title company office, the real estate attorney’s office, or the escrow company. There will be a small group of people there, all professionals in their space. The participants will usually include the buyer’s agent, the buyer, possibly the mortgage lender or loan officer, and the seller’s agent or attorney. Everyone will have a chance to review the paperwork, and afterward, the sale is finalized and the funds exchanged.
In most cases, your closing date will be listed in the purchase agreement, but it’s not written in stone. The closing date can shift, depending on delays in document preparation or with the mortgage lender’s approval. As a seller, you should always confirm the time and location ahead of time to avoid any last-minute derailments.
Make sure you run down a pre-closing checklist so you don’t show up missing anything important. Once all parties have reviewed the official closing documents and accompanying paperwork, it’s time to sign on the dotted line. There are going to be several places across multiple documents that need your signature or initials. Once everything is signed, you have officially transferred ownership.
Preparing ahead of time helps you avoid stress on closing day. Start by confirming your closing date and double-checking details in the purchase agreement or sales contract. Make sure you’ve completed any agreed-upon repairs, and schedule a final walk-through so the buyer can verify that everything is in working order.
Gather all the required documents you’ll need to bring to the closing table:
You’ll also want to review your closing disclosure and settlement statement before the appointment. These outline your closing costs, property taxes, and the home’s purchase price, so there are no surprises when you arrive.
Lastly, make sure your real estate attorney or closing agent has confirmed all official documents and that the title company has received final lender approval. With the right preparation, closing on a house in Ohio becomes a straightforward step in the selling process.
Before you sit down at the closing table, you’ll need to go over everything in the closing documents for accuracy. These documents are what outline the terms and details of the real estate transaction. They help keep everything on track and matching expectations.
Start out with the closing disclosure and settlement statement. These will list your home’s purchase price, property taxes, closing costs, and any credits that are owed both to and from the buyer. Compare all of this to your purchase agreement to make sure everything matches.
Also, make sure your title documents have been verified with a title company. They’ll do a title search to check for title issues and disputes about the property to ensure it has a clear title. Review the escrow account section to make sure funds are being handled properly, and check that transfer ownership and official documents are accurate.
If there’s anything that isn’t exactly right, or if anything is unclear, do not sign anything. Reach out to your real estate attorney, closing agent, or even the escrow company to get clarification before going forward.
Fill out the form below or call us at (937) 303-1499 for your FREE cash offer!
When you’re the seller of a home in Ohio, closing costs are going to be part of the equation almost every time. Though the amount will vary, most sellers will cover closing costs tied to transferring ownership and finalizing the sale.
Typically, the largest cost comes from the real estate agent commissions for the buyer’s and the seller’s agent. The seller will also usually pay the title company fees for the transaction and recording of title documents. Depending on the closing date, the seller may also pay prorated property taxes.
Sellers also need to deal with escrow account charges. These are charges that help pay for the handling and distribution of funds, and real estate attorney fees if needed. Some transactions need additional recording fees, transfer documents for the local municipality, or home warranty coverage.
These costs can feel steep at times, but depending on the local market, some can be negotiable. Knowing what you’re responsible for can make it much easier to negotiate.
Before you close, the buyer will have a chance for a final walkthrough. This is to confirm that the home’s condition is the same as was agreed upon in the purchase agreement. This generally happens within 24 hours of closing day, and is where the buyer verifies that agreed-upon repairs have been done, and that no new safety hazards have popped up in the meantime. The seller should always be leaving the property clean and ready for immediate occupancy.
During the final walkthrough, buyers also check that everything included with the sale is working properly. This includes everything from light fixtures to appliances. Doors, windows, and home systems should all function just as you’d expect. If the buyer notices unresolved issues, they can ask for last-minute repairs or even financial concessions.
By this stage of the game, your agent should also have calculated prorations for things like HOA fees, property taxes, homeowners’ insurance, and so on. These adjustments are put in place to make sure each party pays its fair share, based on the closing date.
We’ve mentioned that you’ll need to sign a stack of paperwork during a home sale. The documents confirm the legal transfer of property ownership and the receipt of payment by the lender. Each sale will be unique, but generally speaking, here are the documents that will be in your signature stack.
At the closing table, while everyone’s taking a turn with the pen, you’ll also tie up other loose ends. You’ll turn over all the keys you have, along with openers, gate remotes, and security codes that go along with the property. For things like alarm codes or gate operation, this is also a great time to give the buyers a quick rundown of how to reprogram their own codes.
After everything’s signed, the title company steps in to finalize the transfer of ownership. The deed and other final documents are then submitted to the county recorder. This makes them officially part of the public records and grants legal property ownership to the buyer.
At the same time, the escrow company handles fund distribution. The mortgage company receives the loan payoff, and any remaining sale proceeds are wired directly to your bank or issued via cashier’s check.
Even though closing day is the end of the transaction, there are still a few more steps that happen behind the scenes. The title company, or sometimes the escrow agent, will make sure everything is filed properly with the county.
Then the funds from the sale are disbursed. In most cases, the seller receives the proceeds in a business day or two, but this can hinge on a mortgage company if there’s one involved.
Keep copies of your closing disclosure, title insurance, and proof of property ownership for future tax filings or recordkeeping purposes. Homeowners in Dayton or Cincinnati who need to sell fast may do better by finding a local cash buyer.
Closing marks the end of the real estate sale process, often the most rewarding step. Remember to stay as organized as possible, and always verify every document extensively. Communicate closely with your attorney and agent to avoid most last-minute surprises. If you want to skip the lengthy selling process and close as fast as possible, H3 Homebuyers can help you get a fair cash offer.
