The homebuying process can be an exciting time for buyers, but it can also be
overwhelming and intimidating. One of the most important steps in this process is the closing—the day when all documents are signed and the title to the property is officially transferred from seller to buyer. It’s important for buyers to understand what happens during the real estate closing process so that they can prepare properly. Let’s look a bit closer at what happens at a real estate closing.
What Documents Are Signed?
The closing process begins with both parties signing documents that are necessary for transferring ownership of the property from seller to buyer. Depending on the type of loan being used by the buyer, these documents may include a note, deed of trust, or mortgage. Other documents may include promissory notes related to any back payments due on taxes or other fees associated with the property. In addition, if applicable, any documents related to home warranties will need to be signed as well.
Who Is Present At The Closing?
In most cases, it is not just buyer and seller who attend the real estate closing—there may also be representatives from lenders or title companies present as well. Buyers should check ahead of time to determine who exactly will be present so that everyone has all necessary forms completed prior to attending the actual closing meeting itself. In some cases, attorneys may also be present at closings as well; this is often true in states where attorneys typically handle all aspects of residential real estate transactions.
No matter where you live or what kind of transaction you are involved in, there are certain elements that must take place before the transfer of ownership occurs in a real estate deal. It’s important for buyers and sellers alike to understand these elements so that everyone is prepared for what takes place during a real estate closing. From signing documents related to loans or back payments due on taxes or other fees associated with the property, to understanding who needs to be present during closings—all these pieces come together as part of this critical step in buying/selling a home. Knowing what takes place before you arrive at your real estate closing will help make it a smooth and successful experience for everyone involved.