First-time home seller, here. I’m planning on selling my house in the next couple months. We’re going to use the profits from the sales to pay off debt and make a down payment on our next house. Do the profits from house #1 go directly into my bank account at the conclusion of the sale so that I can choose how to use them myself, or do they go into some kind of escrow account where the bank holds the money? I just want to know so that I can plan accordingly for debt payments and moving expenses, and such. Thanks in advance.
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Part of this will depend on what jurisdiction you are in, but the escrow company or lawyer that is closing the deal will write a check to you or wire the remaining funds to an account you provide *after* paying off all liens on the house – outstanding mortgages, property taxes, unpaid HOA assessments, etc.
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