Before the process of closing can begin, the buyer must inspect the property personally. Why? You have to check to make sure that absolutely nothing has changed regarding the property’s condition following the signing of the contract (purchase agreement). If something has changed, then you must notify your agent and go back to the drawing board. The closing process can seem confusing and complicated but when compared to other aspects of searching for a home and the home-buying process, it’s actually a brief component, essentially involving the completion of the transaction to which all parties have agreed, based on the contract. The main “goal” of the closing process is to transfer the title of the property from former homeowner (seller) to new homeowner (buyer). It includes the need for title insurance, since there could be errors, unreported claims, or other flaws in the review of the property’s ownership. All usual property transfer taxes must be paid during closing. Further, you need to settle all other claims, including closing costs, legal fees, and adjustments. The closing agent is the party who is responsible for drawing up and finalizing the documentation regarding the home loan. In the majority of cases, both the buyer and seller, along with their agents, are present in a professional office setting. They’re committed to the completion of all relevant and required paperwork so the property can officially be transferred from seller to buyer — the buyer gets the keys to the home; the seller gets the payment. Then, it’s the closing agent’s responsibility to subtract the funds required to pay existing mortgages and other costs related to the transaction. The closing agent must also ensure the deeds, loan documents, and other papers are prepared, signed, and submitted to the offices that maintain property records. This seems like a lot, but there really is little work to be done by you, the buyer — provided you have hired your own agent (this is another reason it’s
197
Powered by FlippingBook