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What can I expect at the closing?
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Simplified that is where the transaction is consummated. The buyer needs to have good funds with the title company. That can be in the form of a mortgage company wiring the mortgage funds or funds wired from the clients account.
The seller and buyer will sign the closing documents and potentially mortgage documents. Neither the buyer nor the seller have to be present at the closing table. It is not unusual top FedEx all the documents prior to closing and have them back at the title company on the day of closing. At closing all the funds will be disbursed. The purchase price will pay of any leans or mortgages on the property.
The commission of the listing and selling broker will be deducted and credited to the respective real estate companies. Closing fees will be collected. The balance of the funds will then be credited to the seller. The buyer is now the legal owner of the property, possession time is normally set for the day of closing and to a time after the closing. You are free to move in, Congratulations! |
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