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Much of the paperwork involved in
closing (or settlement) is done by attorneys and real estate
professionals. You may be involved in some of the closing activities
and not in others, depending on local customs and on the professionals
with whom you are working.
Before you close on your property, you should have a final inspection,
or walk-through, to make sure any repairs you requested have been made
and that items which were to remain with the house (drapes, light
fixtures) are still there.
At the closing, ownership officially
is transferred from the seller to you. It may involve you, the seller,
the real estate agent, your attorney, the lender's attorney,
representatives from the title or escrow firm, and a variety of
clerks, secretaries, and other staff. It is possible to have an
attorney act on your behalf if you cannot attend the closing (for
example, if the house is in another state). Closing can take as little
as an hour or it an take several hours, depending on the contingency
clauses in the purchase offer (and any escrow accounts that may need
to be set up).
In some states, settlement is done by
a title or escrow firm to which you forward all the materials and
information along with the appropriate cashiers' checks, and the firm
will make the necessary disbursements. The closing attorney, real
estate agent or a representative of the title company will deliver the
check to the seller and the house keys to you.
Please do not hesitate to send us an e-mail (info@ruthtechnology.com) if you have questions, comments or if
you come across something that would contribute to this section.
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