Who Writes The Check When The Deal Is Closed
I'm just starting out. I have a few potential houses, buyers and my contracts. But I still dont know how to get paid, or who write the check once the deal is done. Is there someone out there who can give me advice on this matter. And walk me through the process.
When title on a property changes hands at closing (at least in PA), buyer and if buyer is financing part of the purchase price, buyer's lender bring checks to closing payable to the title company. Once all of the papers are signed (mortgage docs, affidavits, certifications) and buyer and seller sign the HUD-1, the title company cuts checks as appropriate:
1. to the seller for the amount due net of closing costs]
2. to the buyer if there is any overage due the buyer
3. to the RE agencies involved, if any
4. to all others (utilities, HOA, etc)
Buyer gets keys to the property (where there's a house or structure). Title company takes care of getting docs recorded (deed, POA, mortgage, etc). Hopefully, everybody leaves happy and there are no fights.