One should also understand that the attorney does not represent any particular party during the closing. The attorney represents all parties without bias to a particular party. The attorney is supposed to ensure that the buyer’s and the seller’s interests are expressed in the contract accordingly. The buyer is the one who chooses the attorney, though in the end, both parties have to pay a small fee for their services. If either party would be unable to attend the settlement in person for any reason, they can be represented by someone else through the power of attorney. When selling the house, one should also keep an eye on the amount of loan payoffs. This is because they are supposed to be higher with accrued interest, so if the numbers seem off, something may be wrong. Most of the paperwork and legal issues involved in a settlement are usually dealt with by the escrow company. This is an independent organization whose responsibility is to oversee the change in ownership of houses. One can also hire an attorney to oversee the handover. However, different states have different rules regarding escrow companies and attorneys. It is important for a seller to understand the processes that one goes through until the closing. When the purchase contract has been signed by all the parties involved, the escrow company responsible for the handover takes charge of the whole process. The buyer goes ahead with any required tasks, such as carrying out an inspection of the house, while the seller is supposed to work entirely with the person inspecting the house as well as the appraiser from the bank. Once that is complete, the buyer can go ahead and inform the person selling the house, the escrow company, and the lender that everything has been completed. At this point, the seller gets into contact with the lender so that they can arrange a mortgage payoff. He gives the lender the name of the escrow company, which is supposed to come up with the closing statements. During that time, the buyer of the house is supposed to be working on getting his mortgage pledge completed. The seller must notify his home insurance firm about the impending sale of the house. If the house is a
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