06/04/2024
What happens at closing?
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Reviewing Documents:
Before closing day, both the buyer and seller receive a Closing Disclosure, which outlines the final terms of the loan, closing costs, and any other financial details. It's essential to review this document carefully and address any questions or concerns with your real estate agent or attorney.
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Signing Documents:
On closing day, the buyer and seller gather to sign a myriad of legal documents. These may include the deed, mortgage note, loan documents, and various disclosures. The buyer will also pay any remaining closing costs and the down payment at this time.
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Transferring Funds:
Once all documents are signed, the buyer's lender will transfer the loan funds to the seller, and the title company or escrow agent will distribute payments to any third parties involved, such as real estate agents, attorneys, and service providers.
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Recording the Transaction:
After the closing, the deed and mortgage documents are recorded with the appropriate government office, usually the county clerk's office. This officially transfers ownership of the property from the seller to the buyer and ensures that the mortgage lien is properly recorded.
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Receiving Keys:
Once the transaction is recorded, the buyer receives the keys to their new home, officially marking the end of the closing process. It's an exciting moment that symbolizes the beginning of a new chapter in the buyer's life.
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Comment "GUIDE" for a complimentary handbook walking you through every step of the buying process!
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