When do you actually get paid after selling your house? | Summary and Q&A

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February 2, 2024
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The Real Estate Lawyer
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When do you actually get paid after selling your house?

TL;DR

Sellers in real estate transactions receive payment once all the necessary paperwork is completed, funds are in place, and the property is recorded with the county. This process takes time and cannot be done instantly.

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Key Insights

  • 🀘 Payment to sellers in a real estate transaction occurs after all necessary steps are completed, including signing documents, receiving funds, and recording the property with the county.
  • πŸ₯‘ The disbursement process includes multiple checks and payments, which takes time and cannot be done instantly.
  • πŸ”œ Immediate recording of the property is not obligatory but done as soon as reasonably possible.
  • πŸ’ Sellers should be informed and educated about the process to manage their expectations and avoid misconceptions.
  • πŸͺˆ Attorneys or closing agents cannot distribute funds before the property is recorded due to legal obligations.
  • πŸ†˜ Effective communication before closing can help sellers understand the timeline and prevent unrealistic expectations.
  • βŒ› Buyers should be aware that disbursement of funds to sellers is a thorough process and may take some time.

Transcript

it's a law it's not just our preference yeah I think uh one thing that listing agents could impress upon their sellers is when they're actually going to get paid Megan when are the sellers actually going to get paid sellers get paid when we disperse our funds and this is probably one of the last check boxes of a whole closing transaction so everybo... Read More

Questions & Answers

Q: When do sellers get paid in a real estate transaction?

Sellers receive payment after all documents are signed, funds are received, and the property is recorded with the county. This process usually happens towards the end of the closing transaction.

Q: Is there an obligation for immediate recording of the property?

There is no obligation for immediate recording, but it is done as soon as reasonably possible after all funds are in place and documents have been signed. It depends on the attorney's ability to record within a reasonable timeframe.

Q: Can sellers receive their payment immediately after signing the deed?

No, there are additional steps involved in the disbursement process. The attorney or closing agent needs to complete various checks and issue multiple payments, which takes time. Instant payment is not possible.

Q: Is it legal for the attorney to give money to sellers before recording the property?

No, it is against the law for the attorney to distribute funds before the property is officially recorded. Any attorney doing so would be breaking the law.

Summary & Key Takeaways

  • Sellers get paid when all documents are signed, funds are received, and the property is recorded with the county.

  • The disbursement of funds is not instant, and there are several checks to be written before the seller can receive payment.

  • Communication and explanation of the process to sellers before closing can help manage expectations and avoid misconceptions.

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