What is the "closing" in the process of selling a house?

Question

What is it and how soon after a "closing" do the occupants move out of the house?

I need to know cuz my parents just sold our house and i dont want to go...and they wont tell me how soon we're getting out of here..

Answer 1

"Closing" is the term used to mean the deal is done. On closing day, is when the keys are handed over. The seller must be completely out of the house and the new owner now owns the house and can move in. My husband and I are buying ahouse and we are going through all of that right now. The occupants should be completely out of the house by "closing" and ready to turn over the keys. Hope this helps.

Answer 2

The closing finalized the deal. The seller gets paid for the house at the closing. Many times the people move out before the closing because once the closing takes place the house is owned by the buyers. Some buyers will let you stay a little longer or a lot longer if you pay rent. My suggestion would be to pack your bags.

Answer 3

a closing is when the property is paid for, keys are given to the new owners, and the record transfer of the property occurs.

The occupants ususally move out immediately, unless there is some contingency in the agreement of sale that states they can stay, for whatever reason.

If your parents just sold the house, as in just had the agreement signed, you still have a little bit of time, but I would say no more than one month. Although sometimes the sales drag out for months or don't work out for the buyers at all and the sale falls through. If you don't want to leave, pray it falls through or doesn't work out.

Answer 4

The closing is where the two parties in the sale of the home (the buyer and seller) meet with their respective real estate agents and lawyers and sign the contract for the sale. Once the house is sold, the usual move-in time is 30 days, sometimes less if the house is already vacant.

Answer 5

The closing is the final culmination of the selling and buying process. The seller and buyer (or their representatives) get together and finalize everything. Money and ownership change hands on that date. In rare instances, the people selling the house continue to live there under a rental agreement for a short period of time, but it is much more common for them to be out of the house on or before the closing date.

Answer 6

A house closing is the finalising of the deal and the cutting of checks to the bank etc. and making the sale legal with the help of lawyers on both sides to over simplify it for you. The new owners usually take possesion at the date of closing. In most cases as soon as they walk away from the closing table they pass the house keys to the new owners

Answer 7

Closing is a long day of paperwork for the buyer. Siging all the final documents, and then getting the key to the house. This is the day the buyer can move their stuff in, so the seller has to have all of their things out before this day.

Answer 8

The closing is where the final transfer of ownership of the home takes place. Your parents get paid for their home, and hand over the keys.

99% of the time, the buyer takes full possession of the home immediately after closing. Which means all your stuff needs to be out of the home before you show up at your closing.

Answer 9

The closing is when the property is legally transferred from seller to buyer. The sales contract will usually state that the property will be swept clean and all seller items removed before closing. When the closing is over (it usually takes about one hour), the buyer owns the property.

Answer 10

Closing is when the papers are signed and money exchanges...it is usually right at this time or shortly after the occupants vacate and the new owners move in.