How Does a Seller Receive Their Money?
The best part about selling your home is receiving your money from the sale at closing, right? I mean, that's the goal in selling your home or at least it should be. Yes, there may be underlying circumstances as to why you initially decided to sell. Maybe your home was too large and required too much upkeep. Or, maybe the contrary and your family had outgrown your home? Whatever the initial reason was, the profit you'll make in selling is the most important aspect.
So how do receive these funds once everything is complete and the paperwork has been signed on the dotted line? There a couple different avenues you can take, explained below.
1. Wire Transfer:
This is the easiest, and quickest way to receive your funds after closing. Typically, the funds will be in your bank account the day after you close on the sale. Sometimes, you may even find that money will land in your account the same day. Pretty cool, right?
For a wire transfer you'll need to bring a "voided check" to closing. The check must have everyone's name on the account that is selling, or signing the paperwork. If you're unsure who is required to be named on the account, it's a good idea to ask your title company. In some instances, if not all parties are listed on the account the title company may be able to split the proceeds evenly between accounts.
2. Paper Check:
The old fashioned check. This route is as simple as a check being made out to the parties selling the home. Again, the title company may be able to split the proceeds evenly between multiple parties but there is probably going to have t be some sort of written documentation and agreement completed prior to closing. If you need it split, or prefer separate checks, it's a good idea to reach out to your title company and ask what their process is.
Keep in mind, when receiving a paper check it may take a few days for your check to clear your bank account and that money to become "available." This will all be determined by your banking institution.
3. Title Co. to Title Co.:
It is common for a seller to be purchasing a new home when selling. In this case, the title company you are closing at on the sale of your home can more than likely wire the proceeds from your sale directly to the title company that you are purchasing your home through.
If you have left over proceeds from the money you are putting down on your new home either title company should be able to refund you the extra money. You'll either be able to have title company A wire the exact amount to title company B and distribute the extra money to you in one of the ways listed above (Wire or Check), or have everything wired to title company B, and they'll distribute the extra money to you in one of the two ways listed above (Wire or Check).
Hopefully, this answers any questions you have about your proceeds and how you'll receive them. But if not, please feel free to reach out to any of the Axxis Title employees and they'll certainly be able to help you with any further questions. They can be reached at 614.655.3450 or by email at email@example.com