I am selling my home. At closing, am I to receive a check for all of the proceeds?

Question

Do I receive a check for all proceeds, and then pay off my mortgage and home equity loan myself?
Or is my agent going to gather info on my current mortgage lender and home equity loan lender, and send checks directly to them after closing?
We just signed the contract for the offer and acceptance, and closing is to be done by July 31.
Also, should I notify my current lenders ahead of time?

Answer 1

the lawyer will take out the money for any and all mortgages 1st 2nd, they will take out all closing costs, fees, etc. and the money you get will be all yours free and clear.

We did a back to back closing so we did not receive our closing check. they wrote the check to the people we were buying from for their 20% down and then gave us the final proceeds. We didn't notify anyone or do anything. I guess that is why closing fees are so high

Answer 2

No, the buyer's mortgage lender will pay your mortgage directly and your portion of the closing cost and then give you a check for the remaining balance. The closing agent should sort all this up for you.

Answer 3

You can't sell your home without paying off your mortgage. They have a lien on it. The closers should take care of everything. You should get a list of what they have paid to who and what they have prorated as should the buyer. Ask your closer what is expected of you. That way you know for sure what you need to do and why.

Answer 4

Before closing ....This is person
that does closing will ask for all your information..
On that day he/she will have checks made out.
Make sure you have a person that does closing on homes.
A Agent normally does not do this.

Answer 5

the escrow officer will gather all your debts, pay them and cut you a check for the rest if there is any