Don’t we all hate unpleasant surprises? This holds true in buying property but knowing what to expect will lessen the chance of frustration in the process of buying real estate property.
The closing deal is perhaps the most crucial part in a real estate transaction. The buyer is excited to finally get the house of his dreams while the seller is just as excited in receiving cash and get to start anew. However, there is more to the closing process than this. In the business context, the closing process is important because this is the last chance for both buyer and seller to make changes in the contract before it becomes a final deal.
Prepare the document ahead of time
Buying property involves loads of paperwork and in the closing process it is important that all these legal documents are ready early so that you will not panic looking for papers just when everything is about to be signed. Documents that will be needed during the final process are good-faith approximation, the contract, title proof, and insurance, to name a few.
Final Walk through
Aside from preparing the documents, another part of the closing is the Final Walk through. This is to make sure that the property being bought is in tip top condition and that no modifications have been made that was never agreed upon by both parties. Aside from the final check, the buyer will have to pay escrow and closing expenses. In general, it is the buyer who will have to take responsibility in paying for the document costs in the process of transferring land titles and everything about purchasing realty.
The closing process attendees
A number of people will be around in the process of closing real estate deals. These are the seller, buyer, bank representative for the mortgage, the broker, someone from the company who transferred the title name from the seller to the buyer, a closing agent and the lawyers of the seller and the buyer. The closing agent is the one responsible for making the closing process smooth and hassle-free. Process like making sure all papers are signed and closing fees have been all paid up.
Why you need a lawyer during the closing process
As mentioned before, lawyers for both the seller and the buyer are also present during the closing process. They are very important because it is the lawyers who will check the legality of what is stipulated in the contract. For your own protection never sign a binding document without your lawyer.
The closing process is the most important
The most important stage in buying property is the closing process. There is no short-cut to this stage and everything must be followed to the letter. Do not let excitement cloud your better judgment because it does not mean there will be no glitches anymore.
That is why it is important that your legal counsel is also present in the final deal because your lawyer is there to make sure that all the provisions in the contract are correct and your rights as the seller or the buyer is upheld.