In an effort, to help consumers, undersatnd real estate terms used and the buying or selling process, we will be posting education blogs weekly.
Feel free to contact us, with any questions regariding the Selling or Buying of Real Eastate in the state of Connecticut.
Today, the question is, "What is a Real Estate Closing?"
A "closing" is where the Buyer or Seller along with their Realtor will meet with some or all of the following individual: the Seller, the Seller's agent, the Buyer, the Buyer's agent, a representative from the lending institution and a representative from the title company, in order to transfer the property title to the Buyer.
If financing the property, your lender will require you to sign a promissory note, as evidences that you are personally responsible for repaying the loan. You will also sign a mortgage or deed of trust on the property as security to the lender for the loan. The mortgage or deed of trust gives the lender the right to sell the property if you fail to make payments. Before you exchange these papers, the property may be surveying, appraised, or inspected, and the ownership of title will be checked in county and court records.
At closing Buyer will be required to pay all fees and closing costs in the form of "guaranteed funds" such a a cashiers check. The Buyer's agent or escrow officer will notify the Buyer of the exact amount of closing.
There are a numerous amount of First Time Home Buyer Class being offered in Connecticut to prepare the First Time Home Buyer.
This is an excisting step in ones live to be able to Sell their property or Purchase the Home of their dreams.
My advise to anyone that does not work in the Real Estate Industry and are not familar with the terms, "Ask Questions."
The more a Consumer knows, the better positon the cosumer will be when making decisions that will benefit and or effect them meeting their goals.