Buying or selling a home is a huge undertaking. In fact, Americans consistently rank moving as one of the most stressful life events. But if you’re in the market for buying or selling real estate, it’s vital that you understand exactly what transpires at a mortgage closing.
In addition to doing your own research, one of the best things you can do is get real estate experts on your side to help you through the process. You can find any number of landlord agencies, real estate brokers or property investors like Steven Taylor Los Angeles to assist. Read on for what to expect at a real estate closing.
Who Attends a Real Estate Closing?
Each state has its own laws that govern who is legally required to be present at a closing. However, in most cases, the parties present are the buyers and sellers, along with their attorneys and real estate agents. A mortgage broker or a bank representative may also attend.
What About Long Distance Closings?
Where parties are spread out over a large distance, contracts can be signed via email or sent back and forth in the mail. In this case, there may not be an actual in-person closing. These types of closings may take place over several days or weeks, particularly when dealing with the translation of foreign documents or other extenuating circumstances.
When documents are sent by mail, the sender must also make plans to obtain a notary signature to verify their contract signatures.
Where buyers and sellers are located in different areas, it is particularly important to have a real estate attorney who can look after the interests of each party.
What Happens at the Closing?
The real estate closing is the meeting where the transfer of property between parties is finalized. The buyer may be a private owner, company or an investor or landlord such as Steven Taylor LA.
A mortgage, or real estate, closing can take anywhere from a half-hour to a half-day for most transactions. During this time, the parties will make a final pass over all the documents and sign contracts. Lawyers can answer any questions or settle minor disputes.
Once the mortgage papers are signed by the buyers, the property is officially transferred to their ownership. If the new buyers are not paying in cash, they will immediately resume responsibility for the mortgage loan.
The physical keys to the property will be passed over to the new owners and the real estate attorneys will distribute checks from the sale proceed to the appropriate parties.