Whether it’s your first purchase or tenth, the closing is a part in the real estate process that we all go through. Some take a few hours to get done, and others are done fairly quickly. This week, we’d like to explain to you the in’s and out’s of the closing process, and what to expect when the big day comes around.
The closing is the only thing standing between you and the keys to your new house, or the pay-day if you’re the seller. No matter what role you play in the transaction, be prepared to have your pen-skills at the ready—you will be signing a slew of documents. All the documents that you sign will be prepared by the closing agent, who is generally representing a title company. In some cases, a Notary Public can close your transaction, or a general attorney-at-law.
The exact documents that you will be signing depends if you are the buyer or the seller. If you are playing the part of the seller, then you’ve lucked out because you only have a handful of documents to sign, such as the deed, closing disclosure, and settlement statement. However, if you’re the buyer, then be prepared to sign a slew of documents, especially if you are taking out a mortgage. In any case, no matter who you are, be sure to pay special attention to the closing officer’s instructions, because one slip-up or one document that is not properly signed can result in the entire closing package being declared invalid.
To make the process go a whole lot easier, stay calm, and allow the closing officer to do their work. Ask any questions if you need to, but remember that in most cases you will have 3 days after closing to refuse the deal, and any question you have can be answered after closing. (so if you don’t like the way something looks, you can cancel even after the closing). If you are being represented by an attorney at closing, then allow them to guide you through the process. In addition, be sure to have any identification documents (such as a driver’s license or birth certificate) out before the closing officer arrives, as they will be used.
With all of the work you have put into in buying or selling your house, allow yourself to relax during the closing and let the officer do the work for you. Just a few signatures, and you’ll be ready to move on into the next chapter of your ever-expanding novel.
For more real estate tips, tricks, and advice, be sure to check back to our blog every Tuesday!