What to expect from Closing on our home (agent, commissions, mortgage)

[raising3boys]

We haven't even received an offer yet on our house, but I am staying optimistic. This is the first house that we have sold and really need to know what to expect. A little bit of background:


We are working with Cartus Relocation. We do not have to be present at closing. We signed papers that allowed Cartus to sign for us.We do get reimbursed for ALL fees and such, but we have to pay upfront.

What will happen at closing? Do we get a check to pay off our old mortgage then we pay it or does it go straight to our mortgage bank? Does the real estate agent get her fees out of the mortgage profits? Do we then get another check for the profits?

This might sound like silly questions, it just that we haven't sold a home before.

Any insight would be appreciated!

[shellytc]

Raising, you will use a closing/settlement agent (either a lawyer or a settlement/escrow company). They will work with the buyers closing agent (the closing actually happens with the buyers settlement agent). You may use one agent... but anyway. A HUD 1 is prepared. One side details the buyers debits and credits and the other details the sellers debits and credits, including the mortg. payoff, commissions, taxes, fee's, etc. and the selling price.

The closing is funded by the buyers mortg. company. The settlement takes care of "doling" out the money. They will pay the mortgage company, etc. and then record that the mortgage has been satisfied at the county office. If any money (hopefully) is left over, they cut you a check as well. You will see how much that is on the HUD 1. that paperwork is generally what you will need to get "reimbursed" from Cartus/your employer....

Hope this helps....

Shelly