Accel Realty Partners Home Buyers Guide 2017

CLOSING DAY
The closing day brings together all the parties in a real estate
transaction. It is sometimes called settlement or escrow, but in
most cases you will go to a Title Company to sign the
paperwork related to the purchase. The closing takes about an
hour and will be conducted by a trained representative of the
Title Company who will compile all the documents needed to
transfer title in the property and record those documents with
the county. At closing, the Title Company will prepare a new
deed. Your lender will require that you sign the loan documents
and deed as evidence that you are responsible for repaying the
loan. You may be asked to set up an escrow account. This is a
neutral depository for funds that will be used to pay expenses
incurred by the property such as taxes and property insurance
that fall due in the future.
There is little a Buyer needs to bring to closing other than their
state issued identification and possibly a cashiers check for
any amount you are putting down above and beyond the loan.
Be prepared to sign multiple pages of documents.
If there is a mortgage involved in the transaction, the funding
will occur soon after the closing. Once the funding has
happened, the Seller receives their payment for the home and
the Buyer receives ownership…the keys, garage door openers,
etc.
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