must notify your agent and go back to the drawing board. What’s all involved in the closing process? The closing process can seem confusing and complicated, particularly for first-time buyers, 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
Powered by FlippingBook