What is the House Closing Process & What to Expect
Closing on your newest home or property is an exciting time! The house closing process, also known as “escrow”, can also seem never ending and stressful. But thanks to the advancing digital age, closing on a home is increasingly computerized and automated. In many cases, buyers and sellers don’t even need to attend a specific event; signed paperwork can be sent to the closing agent by overnight delivery.
Traditionally, closings bring together a variety of parties who are part of the transaction. For example, while the history of property ownership has been checked, it’s possible that the records contain mistakes, unrecorded claims, or flaws in the review itself, thus title insurance is necessary. At closing, transfer taxes must be paid and other claims must also be settled (including house closing costs, legal fees, and adjustments). In most transactions, the closing agent also completes the paperwork needed to record the loan.
What Should You Expect?
Settlement is a quick process in which all of the necessary paperwork needed to complete the transaction is signed. House closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.
In either case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys, and the seller receives payment for the home! From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.
What Do You Need to Do?
This is the best part – buyers and sellers have very little responsibility when it comes to the settlement!
Before closing, buyers typically have one more chance to walk through the property to ensure that its condition has not changed materially since the sale agreement was signed.
At the closing itself, all papers have been prepared by closing real estate agents, title companies, lenders, and lawyers. This paperwork reflects the sale agreement and allows all parties involved to verify their interests. For example, buyers get the title to the property, lenders have their loans recorded in the public records, and state governments collect their transfer taxes.
No matter which part of the home buying or selling process you are involved in, you can rest assured working with Coldwell Banker Carroll Realty agents will make every step as simple and stress-free as possible. Carroll Realty, Inc. has been helping people just like you buy and sell in the Bay County area for over 30 years. We have offices in Panama City, Panama City Beach and 30a open and ready to help. Contact our local real estate agents today!