It used to be that the buyer and the seller were present in an office setting, during the closing. Today, it is more commonly the escrow agent and the buyers, along-side their agent and sometimes the buyers lender. Modern technology and remote notary services can make it possible to close as a buyer or a seller without being present. The main objective of the closing process is to transfer the title of the property to the buyer. While the buyer receives the keys, the seller gets the payment. The closing agents deduct the necessary funds to pay the existing mortgages and other costs connected to the transaction. During the closing process, the deeds, loan documents, and other papers are prepared, duly signed, and submitted to the offices maintaining property records. Before the closing process, the buyer needs to inspect the property personally. You want to verify that nothing has changed about the property following the signing of the agreement. This is commonly know as "the final walk-through". Since the closing agents take care of the documentation for the title companies, lawyers, and lenders, the buyer will have little work. The paperwork will enable the parties connected to the transaction to verify their interests. The end result of the closing process is that the buyers receive the titles to the property, the lenders get their loans documented in the public records, and the state governments get to collect the taxes generated by the transaction.
BUYING STEP #12: I TEP #12: It’s Not Yours Until You Close
When everything looks set and all is going well, nothing could
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