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Step 5: Closing on Your Home Sale Louisiana

The following real estate tips contain all the information you need to know about closing on your home sale. Read on for simple yet effective selling ideas for yourLouisiana home.

Local Companies

Avenue Mortgage
504-525-4663
322 Lafayette St
New Orleans, LA
Beneficial Mortgage
504-733-6996
1200 S Clearview Pkwy
New Orleans, LA
A American Mortgage Network
225-298-1210
2900 Westfork Dr
Baton Rouge, LA
United First Financial
225 921-2206
9345 Corsica Ave
Baton Rouge, LA
360 Mortgage
225-293-6422
3851 S Sherwood Forest Blvd
Baton Rouge, LA
Benchmark Mortgage
504-737-8440
6226 Jefferson Hwy
New Orleans, LA
1st Continental Mortgage of Br
225-295-0750
2531 Toulon Dr
Baton Rouge, LA
Amerivest Mortgage Corporation of Louisiana Inc
504-529-3771
365 Canal St
New Orleans, LA
Ameri Home Mortgage LLC
504-218-7674
4011 Saint Claude Ave
New Orleans, LA
Best Mortgages Resource
504-363-4757
3725 Macarthur Blvd
New Orleans, LA

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Prior to most home closings, there are contingencies that must be met and paperwork that has to be taken care of.



Contingencies

A contingency allows the buyer to back out of a contract if certain conditions are not met within a certain period of time. Some of the most common contingencies include the following:

 

  • Inspection – Almost all home contracts have a contingency requiring the home to satisfactorily pass inspections. The buyer pays an inspector to examine the home and find any potential problems. The buyer and seller then agree on what has to be fixed and when. This must be done prior to closing.

 

  • Financing – Usually, home sale contracts also have a contingency involving financing. The buyer must be able to get the mortgage specified in the contract. If this cannot happen, the contract is void.

 

  • Appraisal – Many buyers make a contingency that the home must appraise for at least the selling price. Since the financing is dependent on this, it is important. Either the buyer or your REALTOR® will arrange for the appraisal.

 

 

Once all the contingencies are met, the sale can go forward. Your REALTOR® will draw up all the closing documentation, including the settlement statement or HUD-1. This lists out all the costs of the sale to the buyer and the seller. Read over the settlement statement carefully to make sure everything in the contract is indeed reflected in the actual sale. If the document is correct, all that’s left is to sign the paperwork and hand over the keys to the new owner.

 

 

Published on January 15, 2007

Read full article at realestate.com

Featured Local Company

Avenue Mortgage

504-525-4663
322 Lafayette St
New Orleans, LA
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