Buyers Closing Process
After searching for the perfect home, you have finally found what you want and you have gotten through the process and are ready to go to closing. The financing has been arranged and the inspections and repairs are done. The only thing left to do is sign all the papers, pay the costs, and get the keys to your new home.
The actual closing usually takes place in a conference room at the title company, the lawyer’s office, or the real estate company. All parties to the transaction are usually present but do not have to be. If one or more parties sign the papers in advance or designate a “Power of Attorney” then they do not have to be at the closing. However more often then not all parties will be at the table.
All of the necessary papers will be signed and notarized and the money will change hands and the keys will be given to the buyer and title will pass to the new owners. The mortgage company provides the papers that need to be signed for the loan and the title company provides the forms to pass title and satisfy the title insurance company as well.
There are also a few government-mandated forms. You should have taken care of getting an insurance policy for your new home and bring it with you to closing. The major document is the closing statement, which will detail all of the credits and debits charged to each side and the final amount of money due to the seller. This amount must be provided by the buyer and should be in certified funds.
The closing meeting is usually the last chance to resolve any differences among the parties. However if everyone has done their job, this should be a very smooth event and all differences will have been resolved before the closing. There may be some unexpected charges on the statement, but you should have an explanation of all of them before the closing. Your agent should give you an estimate of closing costs when you sign the final contracts and your mortgage company should give you a good faith estimate of the lenders costs. In short if everyone has been informed in advance there will be no surprises.
Once all of this is done, you will be given the keys to your new home and should be free to go home. At Majestic Palms Realty, our job is to make this process go smoothly and remove as much stress as possible. We earn our fee every day.