First, what is the closing table? It’s a place of celebration and champagne where the ownership is changed from the seller to the buyer, and vice versa, via signing of legal documents. It’s a settlement. An agreement. A signed contract between all parties. Although this can be a time of relief as you finally pass the baton of owning a home on to someone else, and a time of excitement as a new homeowner, it can come along with multiple stressors if you aren’t prepared- so we’re here to help!
WHAT TO EXPECT ON THE SELLER’S SIDE?
Expect to hand over your keys, garage door opener(s), security system code, etc., whatever they need to run the house! You will sign the deed over to the buyer. This act officially transfers ownership to the buyer. In return, you will receive any proceeds you earned from the sale, once their mortgage balance and closing costs have been paid off!
WHAT TO EXPECT ON THE BUYER’S SIDE?
Expect to hand over a big fat check, preferably cashier’s check (although thousands of dollars in cash is always an option!) for the amount owed toward the purchase price of the house. The sellers’ expenses will usually include the cost of the abstract or title, real estate commission, recording mortgage, survey charge, escrow fees and attorney fees.
BOTH: A LOT OF SIGNATURES AND LEGAL DOCUMENTS
There is A LOT of paperwork that goes along with the actual closing process. The Title company will have most of the documents ready to go and they'll just need to be signed. As the home buyer, you will have a lot more paperwork to sign than the seller. You might sign your name anywhere from ten to thirty times during the closing process. You'll have to sign mortgage documents, legal disclosures, tax records and more.
WHO WILL BE THERE TO SEE ME MAKE THIS MONUMENTAL LIFE CHANGE?
Although you are welcome to bring your mom, dad and great aunt, it is usually just the buyer, the seller, and the individual collecting the documents...
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