Closing Process On a House
A closing process on a house is known by different names in different areas. For instance, closing is called settlement and transfer. The closing process on a house also takes different forms, depending on the local laws. No matter the name, the main concerns are always that the buyer receives a marketable title and the seller receives the purchase price.
Face-to-Face Closing
A face-to-face closing may be held at the office of the title company, the lending institution, an attorney for one of the parties. In Summit County, most of the time it is held at the title company. In many cases, this is the first and only time the buyer and the seller will meet. Those attending a closing may include:
- the buyer
- the seller
- the real estate agents
- the seller’s and buyer’s attorneys
- a representative of the lending institution involved with the buyer’s new mortgage loan
- a representative of the title insurance company
Closing Agent or Closing Officer
The closing agent may be a representative of the title company or lender, the real estate professional representing one of the parties, or the buyer’s or the seller’s attorney.
The closing agent orders and reviews the title insurance policy or title certificate, survey, property insurance policy and other items. After the sales contract is reviewed, the disclosure statement that indicated the division of income and expenses between parties is prepared. Finally, the time and place of closing are arranged.
The Exchange
The exchange is made when the parties are satisfied that everything is in order. After the buyer and the seller have signed all the necessary paperwork, the seller delivers the signed deed to the buyer, who accepts it. All pertinent documents are then recorded in the correct order to ensure continuity of the title.
Closing Cost Estimator «
