Mortgage Closing: The Home Stretch. During closing, the property title passes from the seller to the buyer. A closing agent-usually an attorney or official from a title or mortgage company, and not to be confused with your real estate agent-oversees this process, which typically takes place at a title company, escrow office, or your home.
The Escrow Closing Process Depending on where you live, any number of entities can handle the closing process. The closing agent could be an escrow officer , a closer, the title company or a real estate lawyer .
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Buying a house. the escrow process is the opening of an account in which a deposit is held. The buyer must wait for bank approval, secure financing, get inspections completed, purchase hazard.
If you’re purchasing a home with a loan, the closing of your loan (the time when your loan becomes final and the funds are distributed) and the closing of your home purchase (when you become owner of your new home) typically happen at the same time. Once the closing is complete, you are legally required to repay the mortgage.
But the rest of the process can be something of a mystery to the average home buyer – especially first-timers who’ve never been through it before. So let’s take a closer look at what happens on closing day for home buyers. What Happens at Closing for Buyers. In a real estate context, the word "closing" is basically synonymous with "signing."
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Closing documents. It indicates the amount and terms of the loan and what the lender can do if you fail to make payments. Mortgage or deed of trust. This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note. Certificate of occupancy.
Your closing checklist will come into play after all your personal belongings and furniture have been removed from your home. Not every seller is required by law to empty the property prior to or on the day of closing, but most people find that they can’t begin to wrap up the process until everything is out of the house.
· Assisting With the Closing Process. Your agent should accompany you to closing, which is usually organized by a settlement agent or title company and may also involve a real estate attorney, depending on the laws and customs in your jurisdiction.