As a homebuyer, you may be wondering what happens during a real estate closing and why you’ll need to have an attorney present. At a closing, you’ll be signing legal documents to transfer a home into your name. You will sign your mortgage loan and pay your closing costs. The real estate agent will be paid, and the sellers will receive compensation for their home.
At this time, the title of the property will also be transferred into the buyer’s name. You’ll get your keys as soon as this is done.
Legal documents require a good understanding of the law
Since you’ll need to sign legal documents, it’s a good idea to have an understanding of what you’re signing and the laws that protect you. You will be agreeing to the terms of a mortgage as well as to the purchase of the home. You will sign off on the sale so that escrow can pass to the seller and closing costs will transfer.
Not understanding the contracts that are in front of you or the implications of things like missing payments or discovering undisclosed defects on the property at a later date could come back to hurt you.
What should you expect when you come to the closing table?
When you arrive to the closing, you will need to have a cashier’s check that covers any remaining fees or closing costs. At that time, the property title will transfer from the seller to you, the buyer. Your attorney will make sure that the new deed is registered with the government office and that you are now listed as the owner of the property.
It’s not until you have gone through the closing that you will be able to get the keys to the property and move in. Since there are so many documents to sign, you should ask if you have any questions. Your attorney will make sure you understand the clauses of those contracts and that the transfer of the property goes smoothly. That way, you can enjoy the home-buying process without concerns over mistakes leading to costly issues down the line.
