You Just Sold Your House. When Do You Get Paid After Closing?

So, you’ve accepted an offer on your home sale. Maybe you’ve made it through the settlement and you’re still awaiting closing day, or perhaps you’re still negotiating with your buyer. Either way, you probably have one very important question on your mind: When does a seller get paid after closing on a home sale?

Ultimately, the time it takes to get those funds into your account will depend on a few factors. These can include where you live, whether it’s a cash or mortgage-financed sale, and whether you’re working with a top real estate agent.

But luckily, there are some things you can do to ensure closing day comes quickly, and that you end up with the biggest check possible. We spoke with Deborah Smith, a top real estate agent in Detroit, and Shaunna Overman, a top real estate agent in North Carolina, to get the details.

Steps to clear before settlement

You’ll have to go through several steps before you sign those papers. Luckily, a real estate agent can help you every step of the way. Before the settlement — when you start signing documents — you’ll have to get through what’s called an “inspection period” or “due diligence period,” depending on where you live.

“During that time the buyers are doing any investigation of the property that they would like to do in order to make a decision on whether or not they’re actually moving forward with the purchase of the home,” Overman says.

Steps of this process can include:

Home inspection
Pest inspection
Negotiation
Kicking off title review
Reviewing Covenants, Conditions & Restrictions (CC&Rs) (if home is in HOA community)

During this due diligence stage, the buyer and seller can continue to negotiate any terms of the sale, such as fixing anything that comes up in the inspection or offering a concession.

“From that point when that inspection period ends, most times the seller is going to make it to the settlement table,” Overman explains.