Palm Bay, FL & Metro Atlanta, GA
When Do You Get Your Money After Selling a House?
When sellers actually get paid after closing in Florida and Georgia, what comes out of your proceeds, and what can delay your money.
Read moreWhat each section shows, what to double-check, and how the paperwork looks a little different when you sell for cash.
The seller's closing disclosure is the document that shows, line by line, how much your home sold for, what comes out of the price, and how much money you walk away with. If you read one thing before closing day, read this, because it is the final math on your sale.
Below we explain what the sections mean in plain words, what to double-check, and how the paperwork looks a little different when you sell for cash.
A Closing Disclosure is a standard federal form used for most closed-end consumer mortgage loans secured by real property. For covered loans, the buyer generally must receive the form at least three business days before closing so they can review the loan terms and costs. This buyer review period should not be assumed to apply to a seller's separate statement.
Sellers often get their own version, sometimes called the seller's CD. It leaves out the buyer's loan details and focuses only on your side of the deal: the sale price, the costs you are paying, and your net proceeds.
In many sales the title company or closing attorney also prepares a settlement statement (often an ALTA settlement statement). It covers the same money in a different layout. Do not be surprised if you see both.
Forms vary a bit by company, but most seller statements walk through the same pieces:
Most confusion comes from a few lines.
Property tax prorations. Taxes are usually split by the number of days each side owns the home that year. Depending on how taxes are paid in your county, this can show up as a charge to you or a credit to you. Ask the title company to explain the math if the number looks off.
Mortgage payoff. Your payoff is usually higher than the balance on your last statement because it includes interest through the payoff date and sometimes small lender fees. The payoff letter comes straight from your lender.
Transfer taxes. Florida imposes documentary stamp tax on deeds, and Georgia imposes a real estate transfer tax. In Florida, all parties to a taxable document can be liable regardless of who agrees to pay. In Georgia, the seller is liable, though the contract may provide that the buyer pays. Ask the closing professional to explain the applicable tax and your contract's allocation.
HOA items. If you are in an HOA, there may be an estoppel or status letter fee and prorated dues.
Commission. Any commission owed depends on your brokerage agreements and contract. Selling by owner or to a cash buyer does not automatically cancel an existing commission obligation.
Here is a simple side-by-side of what most sellers see:
| Listing with an agent | Selling by owner | Selling to a cash buyer | |
|---|---|---|---|
| Is there a buyer loan? | Often | Sometimes | No purchase mortgage in an all-cash sale |
| Paperwork you'll likely see | Seller's CD and/or settlement statement | Seller's CD and/or settlement statement | Settlement statement from the closing professional |
| Commission line | As agreed in your brokerage agreements | Depends on any brokerage agreements | Depends on any brokerage agreements |
| Repair credits to buyer | Possible after inspection | Possible | Depends on the contract; as-is terms do not prevent negotiation |
| Lender-required items | May affect timing if financed | May affect timing if financed | No buyer mortgage-lender conditions, but title and contract conditions remain |
| Who to ask about the numbers | Your agent and closing professional | Title company or attorney | Title company or attorney |
When there is no buyer loan, the federal mortgage Closing Disclosure rules generally don't apply, so a cash sale is normally handled with a settlement statement instead. The idea is the same: a document that shows the price, the costs and your net.
Give yourself time to review the statement before closing day. Ask the closing agent to send it early.
Closing paperwork is a legal and tax document. We are not attorneys or accountants, and this guide is not legal or tax advice. If something on your statement doesn't make sense, talk to a real estate attorney, your title company or a CPA.
A cash sale is not right for everyone. If your home is in good shape, you have time to wait for a buyer, and you want the highest possible price on the open market, listing with a good local agent is often the better move. An agent can also walk you through the seller's CD line by line.
A direct cash sale may make more sense when the house needs work or you would rather avoid mortgage-financing delays. Cash does not guarantee a closing date: title, contract conditions, funds and the closing professional's schedule still matter. Many sellers ask for both a listing estimate and a cash offer, then compare the net numbers.
Chief Investment Properties LLC is a veteran-owned real estate investment company. You can request a no-obligation review of your house, rental property or land in Brevard County or metro Atlanta.
Any proposed purchase price, repairs, costs, structure and closing date should be set out in the written agreement. A closing date is subject to mutual agreement, title clearance and other contract conditions. Review the settlement statement with the title company or closing attorney before signing, and ask about any line you do not understand.
If you are wondering how soon the money arrives after you sign, read our guide: When Do You Get Your Money After Selling a House in Florida or Georgia?
It is the final statement of your side of the sale. It shows the price, the costs taken out, any payoffs and credits, and the amount you will receive.
In a cash sale with no buyer loan, you usually get a settlement statement from the title company or closing attorney instead. It shows the same kind of information.
Ask your title company or closing attorney for a blank or sample copy of the form they use. Seeing it early makes the final version much easier to read.
Common reasons are a higher mortgage payoff than your last statement, tax or HOA prorations, transfer taxes, commission or repair credits. Ask the closing agent to walk you through each line.
If a number is wrong or does not match your contract, tell the title company or closing attorney right away so it can be corrected before you sign.
Want to understand your property's options? Request a no-obligation property review.
Chief Investment Properties LLC is a veteran-owned real estate investment company. Ask about your house, rental property or land in Brevard County or metro Atlanta.
Request a Property ReviewNo obligation. Any price, costs, structure and closing date are set out in the written agreement.
Disclaimer: This article is general information and is not legal, tax or financial advice. Confirm details with a licensed real estate professional, title company or attorney in your state.
More from our team on how closing, payment and as-is selling work in Florida and Georgia.
When sellers actually get paid after closing in Florida and Georgia, what comes out of your proceeds, and what can delay your money.
Read moreWhat actually happens between a cash offer and closing day in Brevard County, from the investor walkthrough to the title company and the wire.
Read moreWhat selling a house as-is really means in Florida and Georgia, what you still have to disclose, who buys as-is homes, and when listing is the better choice.
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