Closing Day

‼️PLEASE NOTE we are now brokered by eXp Realty. Call or text Alisha Collins, eXp Realty at 307-247-1806 or email at alisha@casperpowerhouse.com We are excited to talk with you!

Closing Day! It is the day we’ve all been waiting for, closing day. What really happens on closing day?

Closing Day! Day 31
It is the day we’ve all been waiting for, closing day. What really happens on closing day?

This varies from state to state, but in Wyoming, when a property transaction is closed the transaction is complete. Wyoming is what is known in real estate as a table-funded state. This literally means that the transaction is funded at the closing table. The buyer’s lender funds the purchase by releasing the funds and the new mortgage takes effect immediately. The seller is then paid the seller proceeds. Typically, this is the amount of the purchase price, less any mortgages, liens, and expenses such as title, miscellaneous repairs, etc, which are paid on the closing. In a table-funded state, this is done.

The real estate closing is an important day for you as the home seller. On a closing day, you will transfer both legal and physical possession of the property to the buyer, fully pay off any mortgages or liens, and you’ll receive your sale proceeds. If you are using the proceeds from the sale of your property towards a new home purchase, which will occur in the same day or immediately thereafter, it is particularly important that the closing run smoothly. A closing is often called settlement because the seller, together with the buyer, the buyer’s lender, and the real estate agents and the seller’s lender, are settling up between one another and all of the other parties who have provided services or documents to the transaction.

In Wyoming closing typically takes place at the title company selected by the seller. The title company completes the title search and also provides settlement services, including preparing all related documents. Prior to the closing, the title company will send you a preliminary settlement statement to review, which details any seller-paid items as well as seller credits and seller proceeds.

Prior to heading out to the closing, you’ll want to make sure you have your current driver’s license or a state-issued picture ID or valid passport handy. And you will want to make sure you have all the keys and garage door openers with you. At this closing, the title company will take in all the documents, money, and other items required to close from the parties assigned to furnish them, pay out the money necessary to clear the title, pay off all of the previous lenders and lien holders, settle up any property taxes owed, and pay sales agents and other service providers.

This is the point where you will receive a check or wire for all proceeds from the sale after all the debts have been paid. If you are closing on a new home on the same day, the title company may write a check out to the different closing company or wire money to the closing office on your behalf for your new-home purchase.

Once everything has been signed and the checks have been handed over, it’s all done. Everyone can breathe a big sigh of relief and break out the champagne. The buyer is now the official and legal owner of the property, and may take immediate possession of the property unless the contract states that you could retain possession for a period of time. As your agent, I am here to guide you every step of the way throughout this entire process. We want to set you up for selling success.
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