Closing day is the culmination of a lot of hard work throughout the process of buying or selling a home. No matter which side of the equation you are on, plenty of effort has gone into reaching this point, and the finish line is now at hand. So, what actually happens on the day a house closes? This article will present you with the basics, so you can know what to expect.
The Official Transfer
Although there are plenty of legal steps involved, a real estate transaction is nothing more than a trade. The buyer of the home is trading an agreed-upon amount of money for the rights to the house (and the property it sits on, in the case of a single-family home). So, you can think about the closing day as the point when this transaction becomes official and everything is wrapped up. That means the seller of the property receives the money from the buyer, and the buyer receives the keys from the seller and has the legal right to start moving in.
A Pile of Paperwork
Perhaps the most notable thing that happens on closing day is the signing of paperwork on behalf of the buyer. If you are the buyer, this will probably be the biggest stack of papers you sign in your life, and it can take a while. You’ll have an appointment at which the closing agent will help walk you through the paperwork, make sure everything is in order, and show you all of the blanks that require your signature. Assuming there are no hang-ups with the paperwork along the way, you’ll receive the keys – often from your real estate agent – and you can start to turn the house into your home.
The End of a Long Road
In many ways, closing day can feel like the end of a long and rewarding journey toward buying a home (or selling a home and receiving a nice sum of money). The period from having an offer accepted to reaching closing and finishing the deal can vary in duration, but it’s often several weeks. There are possible issues along the way that can hold up the closing, including lending problems, issues with the inspection or appraisal, or even developments outside of the scope of the deal (like major weather events or natural disasters). To navigate this path and end up at the destination you hoped to reach, it’s best to lean on the advice and guidance of a trusted agent.
Here to Help
Whether you are just starting to look at houses for sale, or you are thinking about what you need to do to your own home to put it on the market, you don’t have to be alone. Contact Smith Marketing today to learn more and to put their expertise to work for you.