Tie Up Loose Ends
In a real estate transaction, there are dozens of loose ends to tie up between signing the contract and closing the sale. Your agent will pay attention to details and will coordinate and oversee the following steps:
Mind the Details
You’re on the cusp of closing the deal and owning your very own home, but it’s important to pay attention to all of the minor details that need to be handled in order to make the purchase official. Thankfully, your agent can help you with these tasks, like facilitating paperwork between your mortgage lender and the real estate attorney in signing to requist forms.
It’s absolutely vital to double-check every document and agreement to make sure you and the seller are on the same page. Your agent will work diligently with you to get the deal past the finish line in a timely and efficient manner.
The Closing Table
A “closing” is where you and the agent meet with a representative from the lending institution and a representative from the title company in order to transfer the property title. Be sure to communicate to your agent if you prefer to close without the seller present.
The purchase agreement or contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and sets the date when the “closing” or actual transfer of the property title and keys will occur.
If financing the property, your lender will require you to sign a promissory note as evidence that you are personally responsible for repaying the loan. You will also sign a mortgage or deed of trust on the property as security to the lender for the loan. The mortgage or deed of trust gives the lender the right to sell the property if you fail to make the payments.
The Title Insurance
Before you exchange these papers, the property may be surveyed, appraised, or inspected, and the ownership of title will be checked in county and court records.
The Closing Costs
Per the contract, any closing costs you are contracted to pay will be required at closing. These fees and closing costs in the form of “guaranteed funds” such as a Cashier’s Check or wire transfer. Your lender or escrow office will notify you of the exact amount.