When & How Do I Get Paid When I Sell My House?
Selling your house is a significant financial transaction, and understanding when and how you'll receive your payment is essential. The timing and process can vary, but here's a general overview.
Once all contingencies are satisfied, and the closing process is complete, the buyer's funds are transferred to an escrow account. This account is held by a neutral third party, often a title company, to ensure a secure transaction.
At closing, you'll sign the necessary documents to transfer ownership to the buyer. After this, the funds are disbursed. Your real estate agent, attorney, or the title company will facilitate the distribution of funds.
The payment is typically made via check or wire transfer. The funds are first used to pay off any outstanding mortgage balance, real estate agent commissions, and closing costs. The remaining amount is then provided to you.
Depending on your location and the specific circumstances of the sale, you may receive the funds on the same day as the closing or within a few days. Make sure to discuss the disbursement process with your real estate professionals so you know what to expect.
Selling your house is an important financial milestone, and knowing how and when you'll receive your payment helps ensure a smooth and stress-free transaction.