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Step 5: Closing on Your Home Sale Maryland

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 yourMaryland home.

Local Companies

Admiral Mortgage
410-559-6491
25 S Charles St
Baltimore, MD

BASK Properties
717-830-2767
240 South Potomac St
Hagerstown, MD

Residential Home Loan Center
410-534-3290
2208 Eastern Ave
Baltimore, MD

Proficio Mortgage Ventures
303.448.2920
11219 Lockwood Dr.
Silver Spring, MD

AA Mortgage Gro
443-869-5682
8 W West St
Baltimore, MD

Family First Mortgage Group LLC
410-793-1192
3525 H Ellicott Mills Dr.
Ellicott City, MD

SunTrust Mortgage
410-308-6000
1966 Greenspring Dr
Timonium, MD

Allied Home Mortgage Capital Corporation
410-783-9407
516 N Charles St
Baltimore, MD

Baltimore HUD Homes
(443) 866-8699
1953 Laurel Oak Dr
Baltimore, MD

American Home Loans
410-230-0232
1 E Chase St
Baltimore, MD

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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

Admiral Mortgage

410-559-6491
25 S Charles St
Baltimore, MD

Read more about Step 5: Closing on Your Home Sale

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- In today's market, home buyers can negotiate winning deals Maryland
- Step 4: Reviewing and Negotiating Home Sale Offers Maryland
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Related Local Event

Free Introductury Real Estate Investing Class
Dates: 6/30/2009 - 6/30/2009
Location: Investors United School of Real Estate
Baltimore, MD
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