the transaction agreed upon.
In most closings, the buyer and the seller are present in an office setting. They commit themselves to completing all the papers concerned. The 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. 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 be worse than the deal falling apart at the last moment — but it does happen. This can be due to a variety of reasons including
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