The closing process of any home buying deal is now a highly computerized and automated process. In most cases, the buyers & sellers do not have to actually attend an event. All the signed paperwork can simply be sent across to the closing agent who is handling the process. In practice, these closings bring together a number of parties who are involved in the transaction.
t is also important to have title insurance to cover unrecorded claims, errors or flaws in the review. At closing, all the transfer taxes will have to be paid & all other claims will have to be settled. This includes legal fees, closing costs and adjustments. In most of the transactions, all the paperwork that is required to record that loan, will also be completed by the closing agent.
What You Can Expect
Settlement is a very brief process in which all the required paperwork for completion of that transaction is signed. Typically, a closing is conducted in an office setting and both the buyer and seller will be present there. In some cases, each party completes their respective papers separately. Regardless of how this process is handled, the end result is that the property title gets transferred from the seller to the buyer.
The buyer gets the keys and seller will receive the payment for that home. From the actual amount that gets credited to the seller, the agent will subtract the money for paying off the current mortgage as well as all the other transaction costs. The loan papers, deeds & all the other paperwork is prepared, signed & filed at the local property-records offices.
What You Have to Do
In the closing stage, the buyers & sellers have very little to do. Before closing, the buyer gets the final opportunity to look at the property once again to make sure that the condition has not changed in any way since the sale agreement signing took place. At the actual closing, all the paperwork is prepared by the closing agents, lenders, title companies and lawyers.
The paperwork will reflect the sale agreement & allows all the parties to verify their individual interests. The buyers get the property title, the lenders get the loan recorded in the necessary public records & the state government collects its transfer taxes. If you need more detailed information about the closing process, contact Mortgages Done Right Inc.