As a REALTOR, I can tell you that 99.9% of the time you will recieve a check made out to you and any other owners at the closing which will pay you the amount left over after your previous mortgage if there is one is paid off as well as closing costs, Real estate fees, etc. So you will be left with the balance in a check form that day, which you usually can cash that day as well or deposit. You can recieve whats called a seller's net sheet or an estimate of closing costs from your title company which you plan to close with or your realtor if you are using one. The title company will charge fees, a title policy, and usually paperwork/ courier fees, etc. And in most counties the clerks office will charge you document fees to record the new deed and such. So after all that is paid you will get the difference. But like I said your realtor or title company should be able to give you an estimate letting you know about what you will net after the sale. As for how long it takes to close, is usually more important how long does it take to get a contract. If the house is priced right and you are in a good market, you will start getting offers. Usually then a couple days of counteroffering possibly, and then you have an binding contract when buyers and sellers both agree on the terms. At that time the contract will be turned into a title company to start to close. Usually 30 days is normal sometimes 60, I have closed in a week though also. The way to speed this up is. 1. Pick a title company soon, call around and get quotes and then tell them you will use them when you find a good one and give them all the info they need to do a prelimanry title search etc. for you on your property. 2. Look for buyers with pre-approval letters, this way you know they have already started the process of applying for a loan. And in the contract make sure they have only like 5 days to do the loan application and and maybe 10 days to get a loan commitment. The buyers lender is usually what takes the longest, so make sure they have a limited amount of time to get things done so they can get the loan to the title company. Then start following up with the buyers and the title company to make sure the buyers have had their land survey done, appraisal, building inspection, etc. I know this can be overwhelming, hopefully you have a realtor to help you and guide through this process, I have unfortunately seen many people lose 10's of thousands on mistakes just because they haven't done this too many times. A realtor has a wealth of knowledge. But the key is finding a good title company quick, they can help you too. If you do not have a realtor, I would be glad to help you out, I am in Florida, but can help you find a great agent in your area that is well qualified and experienced at no charge to you. E-mail me if you would like any more help, I am very experienced in this area and would love to guide you with any advice. firstname.lastname@example.org.
Good luck, Jeff.