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If you have come this far, then this means that it is almost time for a congratulations, but not yet. First, let’s tie up some loose ends.
Home Services and Utilities.
We will provide a list of useful numbers for the activation of home services and utilities before the closing occurs so that you have time to transfer over these into your name with no interruption of service.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
The closing, or ‘settlement’ process itself general takes place at one table (either at the office of an attorney or title company), where buyers sign all documents related to their loan and the transaction itself. After all documents are signed and payments exchanged, buyers generally take possession of the keys after the deed is recorded unless a separate agreement has been reached to allow the seller to stay in the property for a period after closing. The detailed steps that make up closing are:
As part of the prepartion for closing, the attorney or title company performs a title search (if they haven’t already) to determine if there are any liens or assessments on the title. Provided the title is deemed ‘clear,’ the closing proceeds as planned and the attorney or title company issues a title commitment. All paperwork for changing the title / deed and title insurance is prepared, and a final closing date is confirmed with all parties.
A final cash figure for what a buyer needs to bring to the closing in the form of a cashier’s check is calculated. This is based not only on a mortgage’s closing costs but factors like property taxes and utilities paid in to date by the seller.
A final walkthrough will often be performed the day of or before closing to verify the property is in the same condition it was when the process began, provided it’s agreed upon.
At the closing, or settlement, table, the buyer (and seller) sign all closing documents, including the settlement statement, and the final loan documents.
The buyer pays the remaining funds in their downpayment to the attorney or a representative of the title company who is acting as the settlement agent via certified funds.
The representative from the title company or attorney will then record the transaction and deed with the appropriate municipality.
The buyer receives the keys and, unless indicated differently in the contract, officially takes possession of the property.
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