The purpose for this blog is to answer real estate questions I hear from my customers. I will post a new blog often addressing questions that have to do with real estate transactions.
What happens at a closing?
After the contingencies of the purchase agreement have been met, the buyer's loan has been approved amd processed, and any agreed-upon repairs and inspections have been made, you will be notified that it is time to appear at the closing agent's office. The buyer will be asked to bring in a certified or cashier's check for the down payment money and the seller will be asked to bring in proper identification for notary purposes.
At the closing, an exchange of money for the deed to the property will take place. The buyer will sign closing documents and release any remaining money owing to the seller. This paymenr is usually in the form of a combination of cash together with a mortgage provided by an outside lender. The seller in turn will sign a deed transferring legal title to the property to the new buyer. The actual possesion of the property may occur at a later date, depending on the local custom in your area. The release of the money to the seller may occur a few days after the closing, depending on the closing agent's requirements for clearing funds.
Once completed, the deed will be recorded in the county recorder's office, together with any mortgage documents, and the buyer is valid as of the date of the closing. The seller will receive the balance of the funds necessary for the sale to take place.
If you have any questions or comments you can call me at 850-269-1369 or email me at Info@SoldByLaurie.com.
Laurie Hollowell-MeekerBroker Associate
Keller Williams Realty Emerald Coast
151 Regions Way Ste 4A
Destin, Florida 32541
GRI, CRS, e-Pro
850-269-1369
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