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| What
Does the Seller Have to Do for Closing? |
| Title
Search. It is the seller's responsibility to have
a title search conducted on the property. The seller
is required to pay for this search. The title search
is conducted to uncover any liens or claims on the property.
It basically involves a trace of the ownership from the
seller to the last owner, then to the owner before that
and so on. A clear title is what the buyer expects and
needs.
Hiring an Escrow Agent. An escrow agent is a
third party. He handles the closing to ensure everything
that needs to happen at closing happens and that it
happens in the order it needs to happen. The escrow
agent is an impartial third party who handles the title
to the property, collects and disburses the money to
the appropriate parties and makes sure everyone gets
paid. The agent will also make sure the seller's home
loan gets paid off and that the remaining equity is
paid to the seller. The escrow agent uses the sales
agreement as a guide for the proceedings. Both the seller
and the buyer will have a list of instructions form
the escrow agent on what they need to do. The escrow
agent prepares this from the sales contract.
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