Closing is the formal meeting where ownership of the property is transferred from the seller to the buyer.

Also at this time, the buyer’s loan is finalized, so technically there are two closings.  The meeting is usually attended by the buyer and seller, their respective Real Estate Professionals, the lender’s agent, and the closing agent (if different from the lending agent).

Before closing
In the days prior to closing, be sure you understand all of the conditions of the sale and loan, and confirm that they have been met.  Confirm the closing date.

Closing meeting
The closing agent will review the settlement with you and the seller, along with evidence that any legal requirements, such as insurance and inspections, have been met.  Once everyone agrees that everything is in order, and the closing costs are paid by the buyer and, if necessary, the seller, the papers are signed and the keys turned over to you.  Once the deed is recorded with your county clerk, you officially become the owner of the property.

Closing costs
Typically, closing costs are three to six percent of the sales price.  There are fees such as insurance on the title to your home, taxes, transfer costs, attorney fees (if necessary) and hazard insurance.  You may also be required to prepay an up-front reserve account of tax and insurance payments to ensure that there are sufficient funds in your account to meet these obligations when they are due.  In some cases, the seller will agree to pay closing costs — that is one of those negotiable details.

 

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DISCLAIMER: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.  Please consult with a professional in their respective expertise for complete details.