Closing day is the final stage of a property sale, officially transferring ownership from the seller to the buyer.
Here are some important things that both sellers and buyers of real estate need to know about the closing day:
For Sellers:
- Prepare for the final walkthrough: The buyer will typically conduct a final walkthrough of the property on the day of the closing. As the seller, you should ensure that the property is clean and in the same condition as when the buyer first viewed it.
- Bring all necessary documents: The seller should bring all the essential documents to the closing, including warranty and operational documents for all appliances and any other paperwork on the property.
- Payoffs and outstanding debts: The seller should provide information on all the outstanding debts associated with the property, such as mortgages, property taxes, and utility bills.
- Sign the paperwork: The seller must sign all the required paperwork, including the deed and other relevant documents.
- Transfer ownership: The property transfer to the new owner occurs after both buyer and seller sign all the paperwork, and the title agent collects all funds associated with the transaction.
For Buyers:
- Review the closing statement: The closing statement outlines all the expenses associated with the purchase of the property, such as closing costs, taxes, and any other fees. As the buyer, you should carefully review the statement and ensure everything is what you expect.
- Verify the property’s condition: Before signing any documents, the buyer should conduct a final walkthrough to verify that it is in the same condition as when they made the offer.
- Pay closing costs: The buyer will be responsible for paying all the closing costs associated with purchasing the property, surveys, and fees.
- Sign the paperwork: The buyer must sign all the required paperwork, including the mortgage agreement, the note, and other relevant documents.
The closing day can be an exciting and nerve-wracking experience for buyers and sellers. Knowing what to expect and being prepared can ensure a smooth and successful closing process. As a title agency, we always recommend that buyers and sellers work with experienced professionals, such as title agencies/agents and real estate agents, to help guide them through the process and answer any questions they may have.
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