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.