First, you must check and carefully inspect the property personally before beginning the closing process to ensure nothing has changed about the home’s condition following the signing of the contract, or the purchase agreement. If something has changed, you need to tell your agent and go back to the drawing board (negotiations).
What’s involved in the closing process?
• Title insurance; • Property transfer taxes paid; • Settling all other claims, including closing costs, legal fees, adjustments; • Finalization of home loan documents; • A professional meeting with both buyer and seller, along with their agents, signing all required paperwork so the home can be transferred from seller to buyer; • The closing agent must subtract funds required to pay existing mortgages as well as ensure all the documents and paperwork are prepared, signed, and submitted to the appropriate offices and agencies. The final result of the closing process is that the buyer obtains the title to the property, the seller receives the payment, the agents receive their commissions, the lenders’ loans are fully documented in the public records, and the state government collects the taxes generated by the transaction. Everyone wins!
Step #12: Finish the Closing Process
But sometimes, not everybody wins. It’s not over till it’s over. Your new home isn’t technically yours until the closing process is fully complete. Sometimes the deal can suddenly fall apart at the last
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