The Closing

Ohio Flat Fee MLS

The Closing

After you get into contract with your flat fee mls listing, the contract will go to a title company. In the Columbus area, generally the seller s agent chooses the title company. This is not in stone and the buyer can specify a title company in the contract. In most Ohio areas, generally the buyer s specify the title company in the contract. Regardless if the buyer chooses a title company, the seller can choose another company to do the seller side of the closing. We always recommend Stewart Title; we do not get compensationf or it, we just think they are the best.

The title company will contact the seller to get information on the seller s mortgage. They will gather information on the taxes due, association fees, and any other fees owed by the seller on their property.

Taxes are always 6 months in arrears. Tax bills come out in June and December. The June tax bill, because it is 6 months behind, will be for the last half of the previous year. The December tax bill will be for the first half of the current year.

The title company will perform a title search of county records to see what mortgages and liens are owned by the seller so these can be paid off with proceeds from the sale.

During this time the title company is also in touch with the buyer s lender. When the lender approves the buyer s loan, they will notify the title company. When the title company has this word clear to close, they will schedule a closing date and time and set about creating the document called the closing statement, which real estate people and title people call the HUD. This statement has everything on it and tells the total story of the sale of the property.

At the closing both sides of the HUD will be gone over point by point with both the buyer and the seller. If errors are found, which does happen occasionally, the title company will stop the closing and take a few minutes for a processor to create a new HUD, reflecting the change. If all sides are in agreement, the final papers are signed and checks are distributed. In some areas of Ohio, the checks are not distributed until the title transfers with the county. The title company will file the transfer with the county. In other areas, checks are handed out at closing. The property is now SOLD and if you used HomeWise and our flat fee mls service, as the seller you have saved at least half of the real estate commission of a traditional listing. Look at your HUD, on page 2, near the top and see what real estate fees you paid, if any. That is the same amount you saved by selling your property with HomeWise!