A real estate closing is more of a process than a step in the buying process. A “closing” can also be called “escrow”, “completion” or “settlement”. This is the last bit of work in home buying process.
The seller and the buyer have agreed on a deal and now the closing process starts. You must first put money into an escrow account. A third neutral party will handle the escrow account money to protect the buyer and the seller. Then a whole list of things needs to happen:
- A title search needs to be conducted.
- Insurance for the new owner needs to be purchased.
- A closing agent needs to be obtained.
- A home inspection needs to be performed. At this time if any issues a rise a new agreement must be reached by both parties.
- On the date of closing you will sign all paperwork and transfer ownership.
There are at least 12 steps in the home “closing” process.
Before you own a real estate holding you’re investing in, you’ve got to close the purchase. #Ironclad
Buyers Closing Responsibility:
- 1Bring a photo ID
- 2Bring a Cashier’s Check or Purchase Funds.
- 3Bring Proof of Insurance for the New Property
By getting pre-approved for a mortgage early in the home buying process, buyers can assure sellers that they can indeed obtain a mortgage loan from their lender in time for closing.
See the original at: https://www.fortunebuilders.com/real-estate-closing/
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Before you own a real estate holding you’re investing in, you’ve got to close the purchase.
After you’ve made the deal, but before you can take possession and start looking for tenants, a real estate purchase has to be closed. While transferring an asset as large as most property holdings can be a daunting task, and does contain some legal and administrative requirements that must be adhered to, studying the process and following the steps, along with involving a lawyer to help finalizing the deal’s closing, will get you safely through to ownership.