You have accepted an offer on your home…congratulations!!! You are probably excited, happy, stressed out, nervous, anxious, all of the above and more! You likely have more questions than answers right now. Keep reading to learn about the closing process for sellers in Murrells Inlet SC and what comes after you accept an offer.

Contract

You have a contract once the offer is accepted and signed off on by ALL parties. Only written, fully signed contracts are enforceable – verbal contracts are not enforceable. Getting the offer signed off on will happen as quickly as possible but can take some time. It is important that you sign off on any changes as soon as possible so you can be officially under contract and have an enforceable contract. Once the contract is signed by everyone, the ball starts rolling. South Carolina is NOT an attorney review state.

Attorney

The contract is sent to your chosen attorney. If I am your REALTOR®️, I will handle this part for you.

You will receive a call from your chosen attorney and you will be sent some information from the attorney to be completed. They will also ask for your mortgage payoff information if you have a mortgage on your home. They will open a file for your closing and prepare the Deed to be signed at closing.

Your attorney or the Buyers’ attorney (depending on who is paying the HOA transaction costs) will also order a Certificate of Assessment from your HOA office, if applicable. 

As we get closer to the closing date, we will schedule a firm date and time for closing. 99% of the time, closing will happen on the date listed on the contract. 

Meanwhile, the buyers’ attorney will be completing a title search to make sure there are no liens on the home and you can convey a clear title.

Scheduling Movers

Once your home is under contract, you need to start calling moving companies. As a Seller, you need to be out of your home on the morning of closing. I would suggest having your movers come a day or two prior to closing to move your belongings. Setting up your move a few days prior to closing gives you time to account for delays or the unexpected and to get back in your home once everything is out to clean.

Loan Process

The Buyers will formally apply for their loan, if financing, by the date listed on the contract.

The lender will order the appraisal. The appraiser will contact me to schedule a date for the appraisal, and I will work with you to make sure the date fits your schedule.

The lender will also contact the HOA and have the Condo Questionnaire completed, if applicable.

Verification of Funds

If the Buyers are paying cash for your home, they will either send a verification of funds letter or redacted contract should the purchase of your home be contingent on the sale of the Buyers’ current home.

Inspections

The Buyers will schedule their home inspection. The inspector will contact me to schedule a date and time for the home inspection, and I will work with you to make sure that date fits your schedule. The home inspection will take 2-3 hours depending on the size of your home. I would suggest removing any pets and being out of the home for the home inspection.

Should the Buyers want repairs made based on the home inspection, they will submit a Repair Addendum. You can decide to make those repairs, make some of the repairs, give the Buyers a credit in lieu of repairs or not make any repairs. Based on your answer to the Repair Addendum, the Buyers can accept, negotiate or terminate the contract.

The termite/wood inspection (CL-100) will be completed closer to the closing date because that inspection is only good for 30 days. Again, the termite inspector will call me to request a time for the inspection and I will make sure that date and time works for you. The termite inspection usually takes less than 30 minutes, and you can stay in your home during the termite inspections.

Due Diligence Termination Fee

The Buyers can terminate the contract anytime during the Due Diligence Period by sending you notice and the termination fee. The termination fee needs to be paid directly to you and is due to you by 6:00 PM on the day the Due Diligence Period ends.

Earnest Money

The Buyers will drop off, mail or wire their earnest money to the attorney’s office or real estate office by the date agreed to on the contract. 

Title Search

The Buyers’ attorney’s office will have someone search public records to determine the history of ownership of your home and to check for any defects on the title. Defects could be things like liens, judgements or easements. The title search makes sure you can convey the property with a clean title. Title searches typically take 2-3 weeks to complete.

Insurance

The Buyers will bind homeowners’ insurance for the home and flood insurance, if they choose. They will need homeowners’ insurance on the home prior to closing if they are financing the purchase.

Utilities and Services 

Also, you will need to cancel any services in your name as we get closer to closing.

  • Schedule your utilities to be turned off as of the day of closing
  • Cancel your homeowners’ insurance and flood insurance – I recommend canceling your homeowners’ insurance as of the day AFTER closing.
  • Cancel any pest control services
  • Cancel any landscaping services
  • You will also need to update your new address with the Post Office

Walk-Through

The Buyers will complete a walk-through 1-3 days prior to the closing (typically the day before closing). 

Prior to the Buyers’ walk-through, I will do a walk-through with you. We will make sure you have a plan to get the remaining personal items moved from your home as of the morning of closing, make sure all items listed as conveying as part of the contract are still in the home, everything works and you are prepared for the Buyers’ walk-through.

I recommend, if possible, to have all of your personal items moved out of your home by the night prior to closing and stay in a hotel or with friends/family the night before closing. Moving out ahead of time gives you time to get your home cleaned and also lessens stress the day of closing.

Keys

Keys will be distributed after the Deed is recorded. The Buyers will not be able to get the keys to the house until after the Deed is recorded unless other arrangements are made prior to closing. I will also remove the yard sign and lockbox on the day of closing or the day after closing.

Settlement Statement

Depending on how the Buyer is purchasing your home, you will either receive a HUD-1 Settlement Statement or Closing Disclosure. A few days before closing, I will receive a copy of the Closing Disclosure or Settlement Statement from the Buyers’ attorney’s office. I will verify that the numbers are correct and let you know the amount of money you will be receiving after closing. Talk to your attorney about how you would like to receive your proceeds. You can pick up a check or have a check overnighted to you. Some attorneys will also wire funds to you.

Closing Day

Closings can happen in-person or by mail. 

For in-person closings, you will need to bring your drivers’ license. In-person closings typically take 30-minutes or less depending on the amount of paperwork to sign and how many questions you have. Use this time to ask your attorney any questions about the closing documents that are unclear to you.

For a mail away closing, your paralegal will email or overnight your closing documents to you. Your paralegal will also include detailed instructions on where to sign and if you need a notary and/or witness and how to get the documents back to the attorney’s office. You may need two people (a notary and a witness) to help you with signing your closing paperwork. The notary and witness cannot be the same person and they cannot be related to you. Have these appointments set up prior to the closing date so you are not rushing around at the last minute to find someone.

After Closing

My hope is our relationship does not end after the sale of your home. If you have any questions after closing, please give me a call.

The closing process for sellers in Murrells Inlet SC usually lasts between 30 days and 60 day depending on how the Buyers are purchasing your home. The most important thing to remember is that you do not have to remember all of these steps now. If I am your REALTORⓇ, I will be sending reminders to you as we move through the process of selling your home.

Anytime you have any questions, you can reach me by phone/text at 843-267-2710 or email at Kathy@TeamRukat.com.