What a Buyer Should Expect During the Closing.
The
last step in the home buying process is commonly referred to as the
closing. The close of escrow is when all steps—from acceptance, title
search, inspection, mortgage approval, and so on— come together in a
final transaction. Documents are ready to sign, the buyer is ready to
hand over the purchase price and the seller is ready to transfer title.
And most importantly, the keys!
It usually takes about an hour and may be attended by some or all of
the parties involved: buyer, seller, real estate sales professional,
attorney and title company representative. The buyer reviews and signs
the loan and real estate documents and pays for the property, closing
and other costs.
Assuming that the funds are in order, the deed is correct and the
title is clear, the final step is the disbursement of funds to the
seller. The title company should have the funds in its possession, but
the buyer needs to bring a cashier’s or certified check for the down
payment and the closing costs if it was not included in the mortgage
loan. If the buyer’s annual real estate taxes and homeowner’s insurance
will be paid through the lender, an escrow account will also be
established.
Once all the papers are signed and funds are disbursed, the buyer receives the keys and is now a homeowner.
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