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Property Closing Is The Last But Important Step

Sep 3, 2008
Many people would like to know what is closing. Closing is the last step in a real estate deal. Property closing is the process of taking ownership of the new property you have purchased. This article will give you all the processes involved in property closing.

1. The property closing will be carried out by the closing agent. He may be a legal attorney, or a person from title office or an appointee of lender. The other people attending the property closing are seller, buyer, their attorneys and the real estate agent. There will be a representative from the Title Company and lender or his representative.

2. The closing process usually takes only an hour.

3. In practice the key hand over also will be done at the property closing function. If there is a clause in the agreement for the seller to stay for more time, then key will be given only after that stipulated period.

4. All the final documents related to the property sale will be signed at the closing time. The major documents include Regulation Z, the Truth in Lending Statement. It is the lender who presents you with this document. It will contain the figure of entire loan amount and the interest rate.

5. You will be signing the mortgage and the note at the property closing. This note is a legal document stating the conditions of the borrowing. Mortgage is the lien on the home you are buying.

6. The buyer and the seller have to sign a document undertaking to pay all taxes on the month of property closing closing.

7. Finally the warranty deed has to be signed by both the seller and the buyer at the property closing process. This is the process of transferring the ownership of the real estate property.

Property closing paper work will contain the abstract also. The abstract will detail out all the history of the property under the sale. This contains all important information about the property including the previous sale details.

At the property closing you will be presenting an affidavit as well. Affidavit undertakes that you are the same person who you say and also at any time prove that. You will be signing this affidavit at the property closing.

The last signing paper will state that you have seen all the other papers signed on the day of property closing and also you possess a copy of them.

As you expect property closing is a tedious process, but it is worth of efforts and also will save you from any other complexities.
About the Author
Prue and her 1-of-a-kind site at http://www.realestatebloom.com (where else?)helps you to make money in ways you've never known. Discover how to be a millionaire making money via real estate investment within days, even in a down market!
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