You have likely spent countless hours attending open houses, showings, and negotiating offers while searching for your home. The day you close on your dream home is a big day that should be celebrated.
However, closing day comes with a few more tasks at hand, and having a real estate closing attorney present can help to make the day go smoothly.
What is a Real Estate Closing?
The real estate closing is the final chapter in the home buying and selling process where buyers, sellers, and third parties finalize the transfer of a property.
There will be several legally binding documents that need to be signed, deeds to be transferred, and any remaining payments or closing costs (usually 3-4% of the purchase price) to be finalized. This process is usually managed by a closing agent or escrow agent, who is often an attorney who specializes in real estate closings.
Understanding The Real Estate Closing
Home inspections, appraisals, and title searches will have been completed prior to closing day. Though a closing is the finale of the home buying and selling process, there are several steps that must be completed to legally and officially transfer ownership of property.
The following is a snapshot of what happens on your real estate closing day to help you best prepare for it.
On the closing date, all parties involved will likely meet at the office of either the title company, attorney, or lender. The transferring of escrow funds, providing mortgage and title fees, and updating the deed of the home into the buyer’s name will happen on this day to finalize the purchase of the property.
There will also be several documents that you can expect to sign, including:
- The property deed
- The bill of sale
- Transfer tax declarations
- Closing disclosure
- Financing documents
After all the signatures have been made and checks have been written, the closing is legally completed and the property is officially the buyer’s.
How to Ensure a Smooth Closing
There are several hang-ups that can arise on closing day that may take you by surprise. Having a real estate closing attorney throughout the process and on closing day can help ensure a smooth real estate closing.
At Apfelbaum Law, we can assist you through the entire process. In addition to, or independently of representation of the buyer or seller, we can facilitate escrow, issuance of the necessary titles, closing of the transaction, and recording of the necessary documents.
If you need a real estate closing attorney or have any real estate matter, please contact Apfelbaum Law for a consultation to learn how we can help.
