You're almost to the finish line! Closing is the final step when purchasing a home. This is when you, as the buyer, assume legal ownership of the property from the seller. Here’s what’s involved at closing:
- Closing date. The closing date is decided upon by the buyer and the seller typically during the negotiations of the sale. Often times, closing is conducted at the Title Company or a lawyer’s office whom will be responsible for recording the transaction with the county and documenting the formal change of possession. Closings usually take about an hour. All the necessary title and loan papers will be signed by the buyer at this time.
- Escrow. The lender will prepare the loan documents for you to sign and send them to an Escrow Company for signing as well. The escrow company will disburse the loan and record the closing documents.
- Money you need to bring. In preparation for the closing, the buyer must obtain a cashier’s check or a wire transfer ready for the amount of money due upon closing. Once payment has been made and paperwork completed, the deed and the keys to the home are provided to the purchaser.