Settlement is when you the sellers and the buyers go to a title company and sign the papers to transfer the house over.  The buyers will be in settlement for about 30 minutes.  They have a bunch of papers that the mortgage company wants them to sign to get their loan.  The sellers will be out in about 5 to 10 minutes of less.  You will have about 5 to 8 pieces of paper to sign.  The title company will also take care of seeing that the money is handled correctly.  All bills owed by the seller will be paid, for example, back taxes, water bill, electric bill, etc.  Than they will give you the money you have coming from the sale of your house.

Closing is when the title company takes the deed that you signed over to the buyers to the county recorders office and records the new deed.  This is only done after the title company has received the money that the buyer agreed to pay for your house.

Possession is usually when the buyer will get the house.  It could be at
settlement, at closing or a mutually agreed upon period of hours or days after closing.

Once you get to this step in the selling process, you know you have sold your house.  Now you can get on with your life.  You don't have to keep the house spotless every day and you don't have to have all those calls at all hours of the day and night.  You can finally relax.

Now you have at least a little knowledge of what should be done to get your house sold.  If you would like to see what Team One does to accomplish each of these step and get your house sold, CLICK HERE.