If you are not an expert in buying or selling a real estate property, you need the help of a sales agent to walk you through the entire process. You also need your loan officer for your mortgage and other loan agreements. It is best to hire an attorney to ensure all the legal aspects, including the contracts and negotiations, go accordingly.

Most of the information needed for the closing will be tackled in the last minute of the sale. This is why it is important to know about what happens in the transfer of ownership and the process involved in the closing.

Closing is the final processes of the agreements and contracts involved in purchasing and financing of the house. If your purchase is through financing, a lender will be involved, while if you pay it full with your own money, no lender is needed.

Closing is also called “settlement,” because the buyer, the seller, and the lender will be settling on a final agreement on the purchase of the house. This process includes the exchange of money and important documents simultaneously to finish the transaction. The buyer pay the down payment, the funds from the loan or own funds in exchange for the seller to give the deed, the clear title, and other important documents.

If you use a loan to buy the house, you have to do the closing in a settlement agent’s office called “escrowee,” a little company that ensures the ownership of the house is officially given to the buyer. There are states that require a person who uses loan to buy the property to transact the closing processes in the lender’s office.

After the closing, the house will officially be yours. To make sure that the purchase process will properly be done, you must hire a lawyer to help you through the process.

Related Posts
Open container violation
While driving your car, you are not allowed to have any alcohol containers, such as bottles and cans, that have been opened, having broken seal, nor had its content partially ...
READ MORE
Alimony Legal Services
When a married couple gets a divorce, a family court judge may order one spouse to make monthly "alimony" or spousal support payments to the other, based either on a ...
READ MORE
Roommate and late rent payment?
Living in a house or an apartment with a roommate can be fun, especially if that roommate is your friend. However, when your roommate pays rent late, your friendship might ...
READ MORE
Fighting for Red Light Camera Traffic Ticket
If you are facing a red light camera ticket case, the best thing you can use for your defense is to challenge the clarity of the image captured. You better ...
READ MORE
What is a mortgage?
A mortgage is an accepted legal recourse wherein a person makes his personal (movable) or real (immovable) property as a security to a loan so that, if the person who ...
READ MORE
How to get your security deposit back?
Before you can move in to a rented apartment, you have to deposit a big amount of money to the landlord first. This money is called the security deposit. This ...
READ MORE
Why driving and cell phone usage shouldn’t be mixed?
Cell phones are technologically advancing at a significantly fast pace. Before, you can only use it to text and call. Now, you can use it to browse the internet, send ...
READ MORE
Why Should a Landlord Hire a Lawyer?
If you have some real estate properties on rent, you may not need a staff lawyer, but it would be best to consult a lawyer constantly. Just like any other ...
READ MORE
Landlord tenant law
Landlord tenant law of a dwelling house or a residential building is governed by tenancy law which applies real estate property law and contracts in leasehold estates. If you are ...
READ MORE
Procedures when a law enforcement officer has reason to suspect a driver is intoxicated
Dui (DUI) means operating a automobile after consuming liquor or drugs that have affected a person's mental or engine skills. In most declares, a person will be considered "impaired" if ...
READ MORE
Open container violation
Alimony Legal Services
Roommate and late rent payment?
Fighting for red light camera traffic ticket
What is a mortgage?
How to get your security deposit back?
Why driving and cell phone usage shouldn’t be
Why Should a Landlord Hire a Lawyer?
Landlord tenant law
Procedures after DUI