Do you think that buying a house by the means of real estate sales is hard and painful? Then obviously you should have a little insight on the process of closing involved. Well, what is closing? It is literally the last day when the deal between the buyer and the seller is concluded. This day involves signing of the final papers and delivering of money as well as gaining of the new possession. Now, you may be thinking that how is the process carried out? Well, that just read on.
Where it should be conducted?
Well, when it comes to the process of closing then it is always advisable to choose a place which has the look and the essence of being an office. You can choose your lawyer’s office or that of your real estate. In any case it should be such a place where the official work can be carried forward.
Who should be present?
There are not many who should be attending this process of closing but presence of some are a must like the seller, buyer, a closing agent / title company, seller and buyer attorneys, bank rep if mortgage involved and the representative of the real estate agency if any.
Keep a track on time
Well, closing is actually the day when you completely give your house to someone else. That is the reason you should choose such a day for closing when you know that you are ready to move out completely. Moreover, the closing day should be such where you buyer should arrange for all the papers including that of the mortgage, if any. It is thus necessary to have a proper timing to carry forward the process of closing.The monetary exchange
When there will be a deal no doubt there will be costs involved to. The cost that are involved in carrying out this process in a successful manner are the fee for moving in, the prepaid mortgage interest, the appraisal fee, the filling fee, the fee of the bank, the loan origination fee, UCC – 1 filing fee and other fees such as attorney fee and broker fee if any.
Wrapping up
The process of closing is no doubt lengthy as well as there is quite a hefty amount of monetary transaction involved in it.
