Overview Of The Closing Process (Buyer's and Seller's)
Closing on a home is an exciting and important milestone in the buying and selling process. However, it can also be complex with many steps and requirements. In this blog post, we'll provide an overview of the closing process for both the buyer and seller sides.
For the Buyer:
Review closing documents: Before the closing, the buyer will receive a package of closing documents, including the loan agreement, title insurance policy, and other important information (Closing Package). The buyer should carefully review these documents and ask any questions or raise any concerns before closing.
Final walk through: The buyer should conduct a final walk through of the property to ensure that agreed upon repairs have been completed and that the condition of the property is as expected.
Closing day: On closing day, the buyer will meet with the closing agent, who will facilitate the transfer of ownership and money. The buyer will need to bring a cashier's check or wire the funds for the down payment and closing costs. The buyer will also sign a number of documents, including the loan agreement, title insurance policy, and other closing documents.
For the Seller:
Prepare the property: Before closing, the seller should prepare the property by cleaning it and making any necessary repairs. The seller should also remove any personal items and leave the keys to the property.
Review the closing documents: The seller will also receive a package of closing documents, which should be reviewed carefully. The seller should also ask any questions or raise any concerns before closing.
Closing day: On closing day, the seller will meet with the closing agent to sign the necessary documents and receive the proceeds from the sale. The seller should also provide the keys to the property and any other relevant documentation.
The closing process doesn't have to be complicated and time consuming, it's important for both the buyer and seller to have a clear understanding of the steps involved and to be prepared for closing day. Working with a real estate agent and a closing agent helps to ensure a smooth and successful closing process.