The day you close on your new home is undoubtedly a big day. It’s the final step in a seemingly long process to become a homeowner. Once an offer has been made and accepted, there are quite a few people involved to get you to that day when you will finally have the keys in hand.
Who Will Be Involved in Your Closing?
- Buyer – If you are the one purchasing the home, you must be present at closing to sign the deed, the bill of sale, the affidavit of title and the transfer tax declarations.
- Buyer’s agent – Though not required to attend the closing, your real estate agent plays an important part in getting you to closing by preparing the necessary paperwork and helping you complete your loan package. They can also put you in touch with other professionals involved in the closing process.
- Seller – In some states, the seller does not need to be present and can pre-sign documents such as the certificate of title, deed of sale, loan payoff, statement of closing costs and statement of information (that establishes identity).
- Seller’s agent – The seller’s real estate agent is responsible for facilitating the closing process. They take care of any documents that need to be signed prior to closing. They also handle things like title and hazard insurance, repairs on the property, checks on the condition of the property and the seller’s closing statement.
- Title company – The title company has a lot to do to get you to closing. It performs a title search on the property to make search it changes hands smoothly. It also issues insurance, oversees escrow, serves as a closing agent and oversees all title related issues.
- Title insurance agent – The title insurance agent gets involved shortly after you’ve signed a contract. They request payoff information for the existing mortgage and information about homeowners’ association and/or transfer fees. They work with the lender of the new mortgage. Once the title search has been completed and any issues resolved, they schedule your closing. At closing, the agent will explain all the documents that need to be signed and then send the deed and mortgage to the courthouse and the loan package to the lender.
- Mortgage professional – This person is the buyer’s main point of contact and decides whether to approve or deny the loan. They help the buyer gather needed documentation such as pay stubs, bank statements and any other necessary financial information.
- Attorneys – Both the buyer and seller may have a real estate attorney present who has already solved any contract disputes and drafted or gone over any documentation to make sure it is accurate. The real estate attorney may also be involved in negotiations between the buyer and seller.
Ratified Title Group is here to help you get from signed contract to closing day without any glitches. If you are approaching closing, take a look at these buyer and seller checklists to make sure everything is in order. If you have questions, reach out to us at 571-234-5589 or by email at [email protected]