commissions (if applicable), closing fees, and one-half of the transfer taxes. They will also pay off any mortgages against the property and any outstanding water bills.
WHERE THE CLOSING WILL TAKE PLACE
The closing process will take place within the office of the settling agent, who is typically the title insurance company that insures the buyer’s title to their new property. In some cases, however, the lender of the buyer will host and close the transaction, or they will bring in a notary company employee. The buyer’s or seller’s lawyer can offer their services from their office. Still, restrictions involving client trust accounting can make it impossible for either lawyer to disburse the funds straight away, which is why a lawyer will handle all the transferring of funds. Otherwise, the lawyer will assume closing responsibilities, handling and disbursing all funds while explaining each document to you. “Witness only” closings are where a lawyer or notary will attend the closing location selected by the seller and the buyer to provide all disbursement services and documents on behalf of the buyer’s lender. However, the lawyer and the notary will not explain any of the legal effects of the documents, which includes the closing itself. Such closings will typically occur in the office of a licensed lawyer.
ONCE THE CLOSING HAS BEEN COMPLETED
The closing process has been completed once all lien holders (such as the seller’s lender) have been paid. Service providers have been paid the overall sales proceeds to the seller. The deed and, if applicable, the mortgage have been recorded in the county recorder's office, and all other necessary documents for the transfer to the buyer have been provided. Once the closing process has been completed, the seller must
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