This may be the first time you’ve ever sold a real estate property. Or, it may have been some time since you’ve been involved in a real estate transaction. Here’s a quick refresher on some of the real estate specific terms you’ll want to review.
The Fair Housing Act
The Fair Housing Act, originally passed in 1968 and amended in 1988 is a federal law in the United States, that prohibits discrimination in housing.
Seven “classes” are protected under the Fair Housing Act. They are:
- National Origin
- Familial Status
As I market and sell your property, it is illegal for me to use any words or phrases that would be deemed discriminatory to these groups. You can learn more about The Fair Housing Act at www.HUD.gov
The Selling Process For Selling Your Home In Florida
Now Let’s Get to Sold.
Once we’ve received an acceptable offer and have entered into a buying contract, there are several steps that will need to be completed before the transaction and transfer of your property is complete.
On a typical home sale, here’s how things will run:
- The buyer submits “earnest money” that is deposited into your real estate broker’s account.
- A title policy will be ordered on your property.
- We will set a closing date with the buyer.
- The buyer will order an appraisal and in most cases, an independent home inspection.
- The buyer will remove the “conditions of sale” after the appraisal and home inspection, try and renegotiate their initial offer, or remove their offer entirely.
- You will need to complete any agreed upon requests for repair that were submitted by the buyer before the closing date.
- The buyer will most likely schedule a walk through to verify the condition of the property and see any repairs that were made right before your closing appointment.
- After the final offer is finalized we will submit the final legal disclosures and other material facts relevant to your property.
- Closing is scheduled and completed. Your house is sold!
What will happen at the closing meeting?
Closing is the legal transfer of ownership of the home from seller to buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures are usually held at the title company or lawyer’s office. Your closing officer will coordinate the signing of documents and the collection of and disbursement of funds.
In order to ensure a smooth closing you will need to:
Review the Settlement Statement or HUD-1 that the buyer’s lender or closing agent will provide you 1 to 2 days before closing. These documents will contain a detailed description of all costs associated with the transaction, including the exact dollar amount the buyer will need to bring to closing.
Verify with your closing agent any other items that you need to bring with you such as a valid driver’s license or other form of identification.