Residential real estate closings mark the final hurdle in the home buying or selling journey. It’s where the ownership of the property officially gets transferred from seller to buyer. This typically involves a formal meeting with several key players present.
For both buyers and sellers, the closing process can seem complex, filled with paperwork and legalities. To ensure a smooth closing, there are often steps leading up to the meeting that take weeks to complete. These include things like securing financing, title searches, and inspections.
At the closing itself, expect to spend a few hours reviewing and signing a significant amount of documentation. This pertains to the mortgage loan for buyers, and often includes title transfer documents for both parties. There will also be closing costs to be settled, which can involve various fees from different parties involved in the transaction.
Having a real estate agent and an attorney by your side during the closing process is highly recommended. They can help you navigate the paperwork, answer your questions, and ensure everything is in order for a successful transfer of ownership.
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