The real estate closing process is everything that happens from when an offer is accepted (the contract is signed by all the parties) until you are seated at the closing table ready to sign documents. The entire process generally takes between 30 and 60 days, but cash deals can generally be done in a shorter period of time. The closing date is when ownership of the home is officially transferred from the seller to the buyer.
There can be worry surrounding the closing process, especially if it is your first experience buying or selling a property.
4 Things You Need to Know When Going Through the Closing Process
Here, we are sharing four important things to be aware of as you begin the closing process.
#1 Request Closing Documents in Advance
You’ll be reviewing and signing many pages of official documents at the closing. If you would prefer to review and get familiar with the paperwork in advance, you can request a copy of the closing documents beforehand. This could alleviate misunderstandings or last-minute changes to the transaction by providing ample time to look over each page. It is very important to understand what you’re signing, along with any legal ramifications. Certain documents actually must be provided to you days before the closing.
#2 Complete all Required Contingencies
Contingencies are conditions that must be satisfied before a real estate transaction can close. This includes investigating the buyer’s credit and financial history, paying an earnest money deposit, having the property inspected and appraised, and transferring the title.
Talk to your real estate attorney, real estate agent, and lender to discover if there are any extra requirements that are specific to your scenario.
#3 Bring Identification Documents
It’s crucial to show up with the necessary documents to prove your identity for the transaction to take place without delay.
You will need some form of government-issued identification. This can be a passport, driver’s license, military identification, or state-issued ID card. Your identification must be current — avoid arriving with a passport or driver’s license that has expired.
If you’re buying a house with your spouse but you don’t have the same last name, bring your marriage license to prevent delays.
#4 The Closing Statement Will Itemize the Transaction for You
The closing statement is a document that itemizes all the expenses of the sale. It contains a compiled lists of all of the debits and credits associated with the transaction. This document explains all the settlement costs and outlines who pays whom in specifics so that the buyer and the seller know what to expect for the closing to be completed.
We Can Advocate for You
Closing on a home is a significant event, whether you’re the buyer or the seller. It’s important to have someone in your corner as an advocate throughout the process.
At Apfelbaum Law, our team of experienced attorneys provides a wide range of legal services including real estate law. Contact our office to schedule your appointment.
