Selling a home can be an exciting time to dream about possibilities for your future home — or even start to envision adding some cash to your bank account. Yet before that process is finalized, gaining insights on what happens after the contract is finalized (and before you can start the big move!) can help lower your stress levels as you wait.

With that in mind, what do sellers need to know before they move on to the next place? Here are some of the key steps to help you in the coming weeks.

Title Search & Insurance.

This is typically the first step by a third party, once the earnest money (or non-refundable deposit) goes into the bank. It’s necessary to ensure you are legally able to sell the home, and that a creditor or some other business isn’t looking for money from you with a lien (or a claim you owe money) on the property. If you simply owe money on a mortgage, then there’s nothing to worry about.

Home Inspections & Re-negotiating.

Once price and date terms are agreed upon, the buyers typically request a home inspection to ensure there are no major structural issues with the property. (Although in a hot sellers’ market, some buyers might choose to skip this option.) It’s also fairly common to do some added negotiating at this point, if an inspector finds something that’s in need of replacement or repair.

Prepare for the unexpected.

Closings are delayed occasionally — and that’s not always intentional. (The National Association of Realtors states that nearly one-third of all closings are delayed, even if just a short period of time.) It might even be caused by a third-party (like a back-up at the lender due to low interest rates). In that case, try to work with the buyer in determining a new closing date. If it seems intentional or manipulative, then buyers and sellers alike can be held financially responsible to help keep the sale moving along.

If buyers can’t actually close on time, they might be required to pay the seller’s mortgage or a portion of it until closing. If the sellers are causing the delay, they might have to pay for the buyer’s unanticipated living costs until closing. It’s important to work with an experienced realtor and/or attorney to keep the dialogue open and discuss all your options.

The post-inspection showings.

One new trend in certain regions of the country is buyers requesting an extra showing (or two!) once all parties have agreed upon the contract and passed the home inspection. This is typical for a walk-through with a designer or interior decorator, or simply to double-check room measurements, appliance sizes, etc. It’s not a must-have, but seen as a sign of good faith that a seller “has nothing to hide” when you agree to it.

The closing itself.

Finally! The big day arrives! Signing all the paperwork can even be done in advance, in which case you’ll probably need to have power of attorney papers signed. Remember to bring your state-issued ID and any other required documentation. Either you or your agent should also bring a final copy of the sales contract to ensure that all the terms of purchase are correct.

For more on what sellers should know before a closing, check out this helpful post from Opendoor.com.

If you’re looking to make a move soon, we’d love to talk! We offer a free estimate — which can be in-person, or virtually, depending on your schedule. Just visit our website or give us a call today at 800-810-2635.