Closing on a home mortgage is an exciting moment for the buyers and sellers. At the closing, there is a lot of activity, and it can be hard to keep track of everything. Whether the buyers and sellers are new to the process, or they are real estate veterans, it always helps to have a reminder on what to expect at closing.
Real Estate Closing Basics
The closing is when the final papers are signed, the transaction is finalized, and the keys to the property are handed from the seller to the buyer. Traditionally, the title insurance company has a representative that oversees the closing and makes sure that all of the documents are properly executed. Also in attendance would be the buyer, seller, both real estate agents, a representative from the lender, and attorneys from all sides.
The closing takes place at a location agreed upon by the title company and all pertinent representatives. It could take place at the title company’s office, or it may be done at the lender’s office. As long as the closing location is agreed upon by all parties, it does not matter where it is held.
Bringing the Right Materials
The buyer’s and seller’s attorneys usually inform their clients on what to bring to closing in advance, but it is always helpful for both parties to understand what they need to bring to make the real estate closing go smoothly.
Both the buyer and the seller need to bring a valid form of photo identification with them to finalize the deal. A driver’s license or valid passport will fill this requirement. If the marital status of the buyer or seller has changed, then there will need to be paperwork presented at the closing. If there is a new power of attorney that has been signed by either party since the transaction started, then documentation needs to be presented as well.
The seller will need to bring the house keys and the buyer will need to have the final check to complete the transaction. In many cases, the lender representative will present the check on behalf of the buyer.
Finishing Up the Closing
Closing on a real estate transaction can take anywhere from 90 minutes to two hours. The attorneys gather the documents for both sides to sign and the title insurance representative ensures that all of the closing documents are complete.
The closing process on a real estate transaction can seem complicated, but it is not as intimidating when the attorneys and official representatives are allowed to do their jobs. By the time the transaction is complete, the seller has a check and the buyer has a new home. Call a trusted expert at Vanguard Title Insurance Agency today.