Selling your home in Oklahoma City is a significant milestone, and understanding the closing process is key to ensuring a smooth, hassle-free transaction. From the moment you accept an offer to handing over the keys, here’s what every seller should know about navigating the conclusion phase of a home sale in Oklahoma City.
1. Accepting an Offer
Once you receive an offer from a buyer and negotiate the terms, it’s time to sign the purchase agreement. This legally binding document outlines:
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The agreed-upon sale price
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Any contingencies (such as inspections or financing)
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The proposed closing date
This step officially starts the path toward closing.
2. Opening an Escrow Account
After both parties sign the purchase agreement, an escrow account is opened. This account is managed by a neutral third party—usually a title company in Oklahoma City—which securely holds funds and documents until all conditions of the sale are met.
3. Home Inspection Process
Buyers typically schedule a home inspection soon after their offer is accepted. The inspector will evaluate the property’s condition and identify any needed repairs.
Based on the results, the buyer may:
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Request that repairs be made
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Ask for a credit toward the cost of repairs
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Renegotiate the sale price
Pro tip: Proactively addressing issues or offering credits can help keep the deal on track.
4. Buyer’s Loan Approval & Appraisal
If the buyer is financing the home, their lender will order an appraisal to determine the property’s value.
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If the appraised value is equal to or greater than the purchase price, the loan typically proceeds without issue.
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If it’s lower, the buyer may need to renegotiate or pay the difference out of pocket.
5. Title Search and Clearance
The title company conducts a title search to ensure there are no liens, legal disputes, or ownership issues that could delay or prevent the sale. If problems arise, they must be resolved before closing.
Tip: Address title issues early to prevent closing delays.
6. Final Walkthrough
Buyers usually conduct a final walkthrough 24 to 48 hours before closing. This is to ensure:
7. Reviewing the Closing Disclosure
Prior to closing, you’ll receive a Closing Disclosure (also known as a settlement statement). This document outlines:
Important: Review this document carefully with your agent or attorney to ensure everything is accurate.
8. Closing Day
On closing day, you’ll sign the necessary legal documents—such as the deed transferring ownership to the buyer. Once all documents are signed and funds are distributed:
Final Thoughts
Closing on a home in Oklahoma City doesn’t have to be overwhelming. With the right real estate agent by your side, open communication, and a proactive mindset, you can move through each step of the process with confidence.
Looking to sell your home in Oklahoma City?
As Oklahoma’s capital and cultural hub—home to landmarks like the National Cowboy & Western Heritage Museum and the Bricktown entertainment district—this city offers great opportunities for sellers. I’m here to help guide you through every step of the home selling journey, from listing your property to successfully closing the deal.
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