The real estate closing is the final step in the exciting, but often stressful process of buying or selling a property. The closing table can be an intimidating place, but if you come prepared and represented by trained and experienced professionals, your fears can be set aside to enjoy the excitement of home ownership.
How to Prepare
The real estate closing is the moment when legal ownership of the property is transferred from the seller to the buyer. It is a fairly straightforward transaction, but proper preparation will ensure a smooth and successful closing. Here are some tips to help guide you through the process:
- Hire a Qualified Real Estate Agent and Attorney: They will provide invaluable guidance throughout the transaction, ensuring that all the legal and contractual requirements are met.
- Understand the Closing Process: It’s essential to have a clear understanding of the closing process from start to finish. Your real estate agent and attorney will help explain the key steps, documents, and deadlines involved.
- Be Flexible: A rule of thumb is that you are not in control of the schedule. Closing dates often change or are often delayed especially when financing is involved. Also remember to allow for ample time on the day of the closing, since they can take several hours.
- Ask Questions: During the closing, you’ll be required to sign various legal documents, including the deed, the mortgage note, and the closing statement. Take your time to review each document, and don’t hesitate to ask your attorney or agent for clarification if needed.
- Prepare the Necessary Funds: You’ll need to bring the necessary funds required for the closing, such as your down payment and closing costs. Make sure you have these funds readily available in the form of cashier’s check or wire transfer.
- Conduct a Final Walk-Through: Schedule a final walk-through of the property a day or two before the closing. This ensures that the property is in the same condition as when you agreed to the purchase and that any agreed-upon repairs have been completed.
After the closing is completed, funds are dispersed. The seller, real estate agents, attorneys, and other parties to the transaction are paid. Traditionally, keys are handed over to the buyer. Finally, certain documents are recorded with the county. Sometime after (about 4-8 weeks), the buyer is sent an official “warranty deed” from the county that the property is located in.
By following these steps, you will be well prepared for your real estate closing. Remember to rely on the expertise of your real estate professionals, as they will guide you through the process and ensure that everything goes smoothly.
The Law Office of Donna Hearne-Gousse, P.A. focuses its practice in real estate law. We confidently provide attorney-based closing services throughout Palm Beach and Broward Counties.
The Law Office of Donna Hearne-Gousse