After navigating the often complicated property market and the conveyancing process, many buyers are elated to be within reach of their closing date and finally owning their new property. But what happens at closing?
What does closing involve?
‘Closing’ is one of the myriad of real-estate jargon that is actually quite self-explanatory. It is usually a date that is agreed upon in advance by both the buyer and seller. On this date, the buyer becomes the legally recognised owner of their new property as the title deed is officially transferred from one party to another. As you can imagine, this can be quite a complex procedure and will involve several steps and professionals to ensure it goes off without a hitch.
What should I do before closing?
Before the all-important closing day arrives there are a few things you should make sure you are on top of to avoid any possible delays or complications.
Firstly, it is important to surround yourself with a good team including a reliable and efficient real-estate agent. A good agent’s industry links can then be used to find yourself an escrow officer, a mortgage professional, home inspector, attorney and title insurance agent. All these figures will be infinitely valuable when you come to closing.
It is also important to keep a few more things in mind when it comes to closing. These include home inspection, appraisal, loan documents, homeowners’ insurance and a final walkthrough. Sorting all of these aspects of property purchase in advance of closing will allow you to prevent any nasty surprises coming up at the very last minute and throwing off an otherwise quite straightforward process.
Who comes to closing?
Closing normally takes place at the office of the solicitor.
The number and combination of people who attend the official closing varies according to where you live.
It is not always necessary for the seller to attend. If they have already signed the title deed transfer documents before closing they do not need to come to closing.
It is also important that as a buyer you bring a photo ID, a copy of the purchase agreement, proof of homeowners’ insurance and a certified or cashier’s check.
And so there it is. The process of closing – who attends, what it involves and what you need to bring all in one place for you to consult at your convenience. This article provides you with everything you need to know about the final stage of purchasing and becoming the legal owner of your newest property venture.
