happens at closing ?
closing, ownership of the newly purchased home
is officially transferred from the seller to
you. It may involve you, the seller, the real
estate agent, your attorney, the lender's
attorney, representatives from the title or
escrow firm, and a variety of clerks,
secretaries, and other staff. It is possible
to have an attorney act on your behalf if you
cannot attend the meeting (for example, if the
house is in another state). Closing can take
as little time as an hour to sign all the
forms and transfer ownership or it can take
several hours, depending on the contingency
clauses in the purchase offer (and any escrow
accounts that may need to be set up).
Much of the
paperwork involved in closing (or settlement)
is done by attorneys and real estate
professionals. You may be involved in some of
the closing activities and not in others,
depending on local customs and on the
professionals with whom you are working.
close on the house, you should have a final
inspection, or walk-through, to make sure any
repairs you requested have been made and that
items which were to remain with the house
(drapes, light fixtures) are still there.
states, settlement is done by a title or
escrow firm to which you forward all the
materials and information along with the
appropriate cashiers' checks, and the firm
will make the necessary disbursements. The
real estate agent or another representative of
the title company will deliver the check to
the seller and the house keys to you.