By the time you finish reading this guide, you’ll know exactly what happens on closing day. In a nutshell: During closing, ownership of a property is transferred from the seller to the buyer. All funds are distributed by the escrow company, and the new deed is registered in the buyer’s name.
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The buyer’s lender delivers the loan funds to pay the balance of the home, and the transfer of title, or grant deed, is recorded with the county, usually within 24 hours of funding. A one-day.
What happens at closing is the culmination of more than a month of gathering and preparing documents. For closing to go off without a glitch, your closing officer, your lender or loan officer and your real estate agent have to work together to get everything in order and processed correctly. These folks are professionals and they absolutely should know what they are doing.
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Here’s a more detailed explanation of what happens on closing day. What to Do Before the Big Day. Many first-time buyers assume that they are "home free," once the seller accepts their offer. But nothing could be further from the truth. There are plenty of things that can go wrong before closing day. Trust me. I’ve experience a few of them myself.
· Can delay funding as original documents must be returned in most cases before funding can occur; Technology (computer, email, printer) may be required; As you can see, there are several options for closing on a home while you’re out of town. To ease the process, be sure to notify your agent immediately after finding out your plans.
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Here’s what to expect when closing on a home, what to bring to a home closing, and how the process of a house closing works. Here’s what to expect when closing on a home, what to bring to a home closing, and how the process of a house closing works.. On the day of closing, you’ll receive the following paperwork:
It is important to adhere to contract deadlines to ensure a smooth closing on your new home. The timely deposit of down payment funds ensures that you get.