what does closed sale mean when selling a property?

Asked by Diana Schwarzer, England, AR Fri Jan 23, 2009

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Judy Luna, Agent, Fayetteville, AR
Sat Jan 24, 2009
I agree with all of the other answers that have been given. The main thing is that in the US real estate law is governed by state law not national law. Each state has its own rules. In Arkansas, for example, the closing occurs when the buyer and seller sign all of the papers involved in the sale. This occurs at a title company which has done a title search on the property and will provide title insurance, as well as facilitate the actual sale (transfer of funds, etc.).

In other states, there are other rules. For example, as mentioned in other answers, there are other procedures and timelines. Also in some states, closings are handled by attorneys.

Thus wherever you are interested in purchasing a home, it is very important to get a buyer agent who can represent your interests and explain the process in that state to you. Normally there is no extra cost to you to have a buyer agent. The seller pays his "listing" agent a commission which is divided between the listing agent and the buyer agent . When the listing agent puts the listing into the MLS (Multiple Listing Service), the listing agent indicates how much of the commission will be given to the agent who actually sells the home.

The Multiple Listing Service (MLS) is a database of all of the listings in a particular area whicjhare currently on the market. National Association of Realtors rules permit individual agents to show all of these listings on their personal websites. Normally if a home becomes unavailable (i.e. goes under contract or is withdrawn, for example), the listing disappears from those websites.

Hope this helps in understanding the system here. If you have further questions, ask your buyer agent.
Web Reference:  http://www.JudyLuna.com
1 vote
Lisa Reeves, Agent, Tampa, FL
Fri Jan 23, 2009
Due to the fact that in some areas of the United States they do an escrowed closing. Which means the money sits at the lawyer or title company for an alotted amount of time before the final closing occurs. A closed sale is when title for the property has been completed, all monies have been accounted for and transferred, and the keys are in the Buyers possession. If you have any other questions - I work with internationl buyers for an international firm.
1 vote
Scott Godzyk, Agent, Manchester, NH
Fri Jan 23, 2009
When it reads closed it means the sale is complete, signed , sealed, delivered per say. That the new owner has taken possession of the property as the sale has been finalized and recorded in the registry of deeds. Therefore it is not available for sale any longer
Web Reference:  http://www.ScottSellsNH.com
1 vote
Bill Eckler, Agent, Venice, FL
Fri Jan 23, 2009

The term "closed sale" refers to a home that has had an executed contract on it and has finalized with the new owners taking ownership.

What area(s) of the US are you interested in? This is a great time to be exploring the US market and taking advantage of the wonderful opportunities available to motivated buyers.

Best wishes.

Susan & Bill Eckler

Michael Saunders & Company
billeckler @michaelsaunders.com
1 vote
Ken Dyke, Home Buyer, San Diego, CA
Tue Oct 23, 2012
what does closed sale on a property?
0 votes
Mamasquad, Home Buyer, ,
Thu Aug 2, 2012
I had a buyer's realtor ask if I was willing to do a "one time showing. Closed sale for 3%" could someone explain. I know what the 3% refers to.
0 votes
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