Cash Sale Closing Checklist for Home Sellers

A cash offer can remove a buyer's mortgage-approval step, but the sale still needs a written agreement, title work, documents and funding. Use this checklist to discuss the closing with your buyer and settlement professional. The purchase agreement and your property's circumstances determine the actual requirements.

1. Review the agreement before signing

Confirm the legal buyer's name, purchase price, earnest money, inspection rights and cancellation provisions. Specify the proposed closing date and when possession transfers. Ask what could change the offer or delay closing. Obtain independent legal advice when a term is unclear; a cash offer is not a guarantee that the buyer will close.

2. Give the closing professional the information they need

Ask the title company or attorney for a document checklist. Depending on the property, this may include identification, ownership information, mortgage and lien contacts, estate or trust documents and any relevant agreements. Send private documents through the professional's agreed secure method.

Title review can uncover matters that need attention before closing. Ask who is responsible for resolving them and whether the schedule needs to change. Burnett Home Buyers does not replace the title company's work or provide legal clearance of title.

3. Confirm payoffs and estimated proceeds

Ask the closing professional to explain the payoff figures, taxes, prorations, agreed costs and other deductions. An offer price is not necessarily the amount you will receive. Request an itemized estimate early enough to ask questions and compare it with the final statement.

A settlement statement lists charges and credits. Its name and format can vary by transaction; do not assume every cash sale uses a mortgage Closing Disclosure or a particular HUD-1 form. The CFPB explains the purpose of a HUD-1 settlement statement. Ask your settlement professional which documents apply to your sale.

4. Prepare for signing and funding

Confirm signing arrangements, required identification and how proceeds will be delivered. A deed transfers the real-property interest; ask the closing professional to explain it and any separate bill of sale for personal property. Do not sign documents you do not understand.

Verify payment instructions directly with the settlement professional using an independently confirmed contact number. Confirm when funds will be available and what must happen before keys are released. Signing, funding, recording and possession do not necessarily occur at the same moment.

5. Put the handoff in writing

Agree on keys, access devices, belongings, cleanup and utility arrangements. If you need time after closing to move, discuss a written possession agreement before relying on that plan. Keep copies of the signed documents and closing statement for your records and tax adviser.

Discuss your proposed sale

Burnett Home Buyers considers as-is purchases in Greater Cincinnati and Northern Kentucky. We explain our proposed price, timing and terms so you can compare them with other options. Review our process, tell us about the property or call (513) 438-8169. General planning information only; your attorney, tax adviser and settlement professional can address your transaction.