A real estate purchase is never complete without doing the final stage in the process – and that is closing the deal. Knowing what happens at closing will allow you to have a smooth transition.

The real estate closing day refers to the final process of a property deal which the buyer and seller meet and sign all the remaining documents and agreements related to the property sale. Upon completing the sale, both parties are usually joined by their respective lawyers and real estate agents. Other people that could be present at the closing day are representatives from the title or escrow firm and other closing officers.

Your presence is needed in some of the closing activities as most of the paperwork in purchasing a property is handled by the lawyers and real estate professionals. Closing does not take long as signing all the agreements and transferring ownership may only take an hour. The process may take several hours when working on the contingency clause offer and setting up escrow accounts. It is important to review the mortgage papers before you sign them. Once you have signed the mortgage papers you accept all the terms and condition of the mortgage loan. In addition, certain paperwork may be provided by the seller with regards to the contents within the property.

At this meeting, the deed of the house is legally transferred by the seller to the buyer. The seller signs the deed and hands it over to the buyer. This indicates that the seller has legally transferred the title of the property in favor of the new owner. Then, the seller gives the keys of the property to the buyer.

Recording of legal documents is the last step of closing the property deal. This is to finalize and legalize the transfer of property ownership which the lawyers and closing officers should take care of. The success of the closing day requires that specific important conditions are met by buyers, sellers and the lender. So it may be a smart move to set up a pre-closing meeting with all the parties involved in the deal. This way you avoid certain problems that may happen during the closing day and make the closing process hassle free.

Another thing to remember before you close on the house is to make a final inspection of the house you are going to purchase. Walk through the house to see that items which you want to stay in the property are still there and to make sure your request for needed repairs have been made.

In most states, closing is done by a title or escrow firm to which you submit all the documents and needed information together with the cashiers’ checks. From there, the firm will take care of everything. The real estate agent or a representative of the title company will bring the check to the seller and the keys of the property to you. There is nothing better than a smooth transfer of title from the seller to the new owner of the property.

By: Alvin Clavines

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When someone else holds your real estate property until the terms of the contract or agreement is fulfilled, your property is said to be held in escrow. In housing market, the word escrow is a common term in transactions. It is the process in which the property is allowed to be transferred from the seller to the buyer by a third party. Then, there is the escrow agent who takes care of the all the activities related to escrow, and the account that they are held is called escrow account.

What does close of escrow mean? It is just another term for closing a transaction. This is the final transaction in a real estate sale. Here, the property is officially transferred to the buyer. Even though this is the final step in the transaction, the parties involved may still have some problems to deal with. Problems usually happens when the some documents are missing or not ready and when the details in the documents does not appear to be in harmony with what has been agreed by the parties involved. This is where a responsible closing agent plays an important role in the success of the real estate transaction.

The closing agent plays an important role during the closing as he has to make sure that all the necessary documents are taken cared of. He should also be familiar with the contents of the documents so he can explain the points to the seller and the buyer. In case the figures agreed by both parties did not appear on the documents, he should be able to explain that to both parties concerned. In many cases, the buyer picks the closing agent. It is essential to choose a responsible and experienced closing agent.

The important people who should be present during closing session are the seller and the buyer as they are the ones needed to sign the documents. The closing agent should be there during the closing because he has to explain the content of the documents to both parties involved. Lawyers from both parties may be present during the closing to make sure that everything is legitimate. Other people that may be present during the closing are the representative from the lending company and real estate agents.

During the closing session, the buyer and seller need to agree with the details of the documents to make the transfer of ownership approved. Then, they have to sign the documents. After signing the documents, other concerns will be taken on such as the requirements required by the lender and the closing costs. The buyer usually takes care of the closing costs but it may depend on what has been agreed by the two parties. Also, the closing agent shall collect the first mortgage payment from the lender.

At the end of the meeting, it is the responsibility of the closing agent to file and report the transaction to the local government. He also takes care of recording the payment and other transactions.

Understanding the process of closing an escrow is an important part of a transaction. That is why having a lawyer with you is very helpful to ensure a smooth sailing real estate deal.

By: Alvin Clavines

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