by Nationwide Home Buyers
Selling a house is an exciting journey, but it’s essential to know when you’ll receive the funds from the sale. Understanding the process can help you plan for your future better. In this blog post, we’ll walk you through the typical timeline of when you can expect to receive the funds from a house sale.
Closing Day:
The closing day is a significant milestone in the house selling process. It’s the day when the buyer completes the purchase, and ownership transfers to them. On this day, the funds from the sale become available, but you won’t receive them immediately.
Escrow Account:
After the closing, the funds are placed in an escrow account. This account acts as a secure holding place managed by a neutral third party. It ensures that all parties involved in the transaction fulfill their obligations before the funds are disbursed.
Title Transfer and Deed Recording:
Following the closing, the title to the property is transferred to the buyer, and the sale deed is recorded with the relevant local government authority. This process can take a few days to a few weeks, depending on your location.
Paying Off Liens and Mortgage:
Before you receive the funds, any outstanding mortgage and liens on the property need to be paid off. This process can take some time, especially if there are multiple liens or complex financial arrangements.
Disbursement of Funds:
Once all the necessary paperwork is processed, and any outstanding financial obligations are settled, the escrow company will disburse the funds to you, the seller. This disbursement is typically done through a wire transfer or a check.
Timeframe for Receiving Funds:
In most cases, you can expect to receive the funds within a few days to a couple of weeks after the closing. However, this timeline can vary based on local laws, the efficiency of the involved parties, and any specific instructions you provide.
Communication with Your Realtor:
Throughout the process, stay in touch with your realtor to get updates on the status of the transaction. They can provide valuable insights into the progress and help ensure a smooth transfer of funds.
