Closing is the final step in the home buying process, where the ownership of the property is transferred from the seller to the buyer. Here's what typically happens at closing:
Final walkthrough: The buyer will usually do a final walkthrough of the property before closing to make sure that any agreed-upon repairs have been completed and that the property is in the same condition as when they made their offer.
Review of closing documents: The buyer and seller will review and sign a variety of documents related to the sale, including the deed, mortgage, and closing statement. It's important to carefully review these documents and ask any questions before signing.
Payment of closing costs: both the buyer and seller will be responsible for paying closing costs, which can include fees for the title search, appraisal, and loan origination. The buyer will also need to pay for homeowner's insurance and property taxes.
Transfer of ownership: Once all of the documents have been signed and the closing costs have been paid, the property ownership is transferred from the seller to the buyer. The seller will provide the keys to the property and any other necessary information to the buyer.
Recording of documents: The closing agent or attorney will record the deed and other documents with the appropriate government agency to officially transfer ownership.
Disbursement of funds: Once the ownership has been transferred, the funds will be disbursed to the seller, paying off any existing mortgages or liens, and the buyer's loan will be funded.
Closing can be a complex and stressful process, but with the help of a knowledgeable real estate agent and closing attorney, it can be a smooth and successful conclusion to the home buying process.
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