1. The closing costs are normally paid by the seller. Your buyer would expect that you would take care of the closing costs. For your information, closing costs include incidental expenses such as notarial fees, legal research fees, recording fees, commissions of the real estate agent, and such other expenses necessary to close the sale.
2. In ordinary cases, closings are on short notice. There is always a potential closing date when you are under contract. It is important to note that you cannot have the final numbers until between one and three days before the closing. This will give you ample time to make your money available on closing date.
3. You would need the services of a notary to do the paperwork. Remember that this paperwork should be carried out in person, although in some instances, the closing documents may be signed, scanned and emailed to the title company. Spend time searching for an experienced notary that will handle your documentation. You would not want to take the process longer with an inexperienced notary.
4. Your buyer can back out at any time. It is not a done deal until it is done. Your buyer might want to look over your home many times over, even if you are already under contract. At times, they may find something that would make them back out of the deal. However, it will all depend on the state when the buyer pulls out of the negotiations within a specified period of time.
5. Finally, keep in mind that even under a contract, financing can fall through and the buyer would not be able to close. Appraisal may also become an issue. If the appraiser makes an appraisal below the price you ask for, you might be forced to make up for the difference the moment the lender would not agree.