Tip 93: My home is your home now

Once you’ve found a buyer for your home and all the terms have been negotiated to both parties’ satisfaction, the next step is to transfer ownership of the house. Since you’re on your own, you’ll need to initiate the paper work yourself.

This is where the government can help you. The US Department of Housing and Urban Development has published a book entitled “Settlement Costs”. It is free and contains valuable guidelines on settlement matters (the booklet title may have changed, check with your city government).

From this publication, you’ll be able to decide who to consult with in terms of the different steps of the closing process. You will need a lawyer (or notary), or an escrow company or your bank. Settlement procedures vary from state to state and from country to country.