Maybe you used a Realtor(R), maybe you didn’t: either way, you sold your home! Congratulations! Now what?
Now it’s time for closing. First you’re going to need a title company. They examine the title deed (which is the document that gives someone ownership), and they look for any issues with the documentation. Title companies issue title insurance which guarantees against losses that may arise from an issue with the title.
The next step is finding a lawyer. We suggest you find one who specializes in real estate matters just to be on the safe side. More than likely you have already made contact with a lawyer if you signed a contract with a real estate agent. Your lawyer can now draw up the contract of sale and help you work out all the details with the buyer. These details can be: home fixes, appliances, down payment amount, closing dates, inspections, mortgages particulars, closing costs, and of course the sale price.
Your lawyer needs to guarantee the contract of sale is fair and does not contain any hidden clauses. He will also be able to advise you on tax implications. If you are fortunate enough to make a profit on your home, that’s great! Be warned the government is going to try to get some of that cash. Your lawyer will advise you on how to exclude capital gains and how to get an exclusion from the taxes.
Once the contract is signed and approved all you have to do is find some movers or put on your working shoes. Time to hand over the keys!