Many people think that real estate closing is a complicated process filled with signing tons of documents. Although this is primarily true, a real estate transaction attorney in Monroe, NC can help you deal with the entire process smoothly, especially if you are new to the whole real estate process.
The process of closing can vary everywhere. Sometimes the buyer and seller close at different dates and times. It is also possible that both the buyer and seller are under the same roof along with the agent or the attorney and close the deal altogether.
What is meant by the word “closing”?
- In the real estate world, the word “closing,” also known as “signing,” is the time when a buyer does review and signing of documents. It is the final step in executing a real estate transaction.
- This process can be done by your real estate transaction attorney or a real estate agent who specializes in handling real estate closings and prepares all the related documents.
- It is usually the day when ownership is transferred from the buyer to the seller.
What exactly happens on the closing day?
- The buyer brings the final check that covers all the remaining costs and fees.
- Ownership is transferred from the buyer to the new owner of the estate.
- The real estate agent or the attorney does a new deed with relevant details. In the new act, a new buyer is listed as the official owner.
- The commission is given to the real estate agent.
- The key is given to the new buyer of the estate.
- If the seller or the buyer is not present, the key is given to the attorney’s agent, and the ownership is thereby officially transferred.
Documentation process at the closing:
- If you have an attorney or agent, he will do most of your work from your registration process.
- He will line up all the paperwork and keep the signature of the required documentation ready for the seller.
- The buyer will have to sign documents like property deed, tax declarations, mortgage agreement notes, bill of sale, and closing disclosure.
- When the buyer finishes signing all the documents and all-sufficient funds have been distributed, the owner deed will be transferred to the buyer.
- If you have a joint closing, the seller will hand you the keys. Similarly, if there is a separate closing, the seller’s agent will give you the keys.
This is all that happens at a real estate closing. By hiring an estate attorney, all your work will be done hastily with no confusion about any documentation process.
However, you must hire an attorney experienced in the real estate field and has appropriate knowledge about property laws.