What happens during the real estate closing process?

Potential homebuyers in Worcester may have spent a lot of time looking for the perfect house. Between attending open houses, inspections and negotiating a price, they may have discovered the place they want to call their home. However, before they can be handed the keys to the home there is one last step: closing.

Closing is the process in which the buyers and sellers sign all the documents needed to transfer ownership of the property to the buyer from the seller. First of all, before the day of closing, it is important to make sure you have gathered all the appropriate documents accrued throughout the process of buying the home. This includes items such as the contract, proof of insurance and the results of the inspection, among others.

In addition, it is important to do a final walkthrough of the home a day before closing. This is to ensure the seller no longer lives at the property and the property meets the condition agreed upon in the contract for sale. If there are problems, closing can either be pushed back or the buyer can ask the seller to pay for any repairs that need to be made.

On the day of closing, all the legal documents will be signed. These include agreements between the buyer and the lender and agreements between the buyer and the seller. Make sure to pay close attention to what you are signing. In particular, if there are blank lines or spaces, you may not want to sign that document. Closing costs and escrow items will also be paid at closing.

The parties that will be present at the closing depend on the state you are in. In general, however, there may be a closing agent, attorneys, an employee of the title company, the seller, the buyer and the real estate agents.

Once all documents have been examined and signed the keys will be handed over to you and you will be able to call your new home your own. That being said, closing can be a complex process. It can help to get the right information about real estate law issues that might come up.

Source: Bankrate, "Buying a home? What to expect when you're closing," Accessed Jan. 17, 2017

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