The closing process of real estate can be very frustrating for homebuyers, investors, and property owners. Real estate closing involves finalizing the property’s selling and signing the documentation to start the transfer process. Real estate buying and selling is stressful and can get even more hectic if you don’t have professional assistance. If you are buying real estate, Tompkins Law is there to assist you in understanding what you should expect as a buyer when buying a property.
Who should be there at the deal’s closing?
Different people are at the deal’s closing because of various interests. However, you, as a buyer, are the most important person to be there to sign off the documents to take the property’s ownership. In some states, the seller doesn’t need to be at the closing, but a buyer’s presence is necessary. Some of the most important people who need to be there at the deal’s closing are:
- A Closing Agent is very important as he arranges the meeting and keeps everything in check such as documentation, distribution, payments, etc.
- Yours and the seller’s Realtor must be there at the closing to stay informed about everything.
- As the closing deal takes place at your title insurance company, it is more likely that the Title Insurance Representative will be there.
- If you have taken any loan, the Lender needs to be there at the deal’s closing to sign the loan’s documentation.
- The presence of Attorneys is crucial at the deal’s closing to ensure that everything is done under the law.
You are expected to sign the property’s legal documentation of the property – The closing process ends once both parties agree and sign all the required documentation. The signing starts the transfer of authority from the seller to the buyer, and it also triggers the transfer of funds in the meantime.
If you have taken any loan, you need to sign the loan documentation, including a deed of trust, a closing statement, a promissory note, and needed declarations. A closing declaration, also known as a closing statement, contains all the loan-related information, i.e., the costs and duration of the loan. At the closing, you are required to accept and sign the declaration terms. You will be asked to review the documents to ensure everything mentioned is correct and error-free.
When buying real estate, you must sign a few federal disclosure forms to confirm your agreement with the seller’s disclosures. Other documentation like insurance paperwork might also be required. This process can take up to several hours as you need to go through a lot of documentation.
You are expected to pay the closing payment when the deal’s closing – You need to pay the closing payment after the deal is locked. The payment details will be mentioned in the disclosures, which will be sent to you before the closing date. As you will be informed beforehand, you must have the verifiable payment to clear the funds at the closing. The most common payment methods include a bank transfer or a cashier’s check. If you have made the payment through a bank transfer, make sure to bring the receipt as proof to the closing.
Make sure to check everything beforehand in the documentation. Read everything carefully before signing it to avoid any inconvenience later.
Transfer of the property’s title and ownership documentation – The most important thing in the real estate buying process is to take over the ownership of the property. At a deal’s closing, you should expect the title company to confirm the clearance, meaning that the property is “clean” and free of liens or anything that can affect your ownership. You will be handled over the deed of ownership confirming your property ownership. If you don’t have too much information regarding this, you can always hire a real estate attorney for any legal assistance you might need during the process. An attorney goes through all the documentation, warranty deeds, and payments to ensure a safe and secure buying process. An expert real estate attorney, knows everything about the selling and buying process and will be able to detect any issues it may have.
Tompkins Law is there to help!
If you are looking to buy real estate and don’t know how it goes, you need to get in touch with an expert like Tompkins Law. I understand legal matters and make sure to provide my clients with the most beneficial legal solutions. Call now to learn more about how I can help you with your dealer’s closing!
