| You must have done a thorough research for | | | | completely adhered to and plays an unbiased role in |
| selecting your dream house. Now you are all set to | | | | the entire transaction. The entire process requires the |
| own the house. The last step in the entire transaction | | | | seller and the buyer to sign legal documents pertaining |
| of purchasing house is known as closing. In closing all | | | | to the sale of the property. In the end the ownership of |
| the documents and agreements related to property | | | | the house is legally transferred to the buyer and the |
| are signed by the seller and the buyer. In short the | | | | entire transaction is legally documented. The buyer |
| ownership of the property is legally transferred from | | | | pays the seller the amount mentioned in the deal. |
| the seller to the buyer. | | | | The buyer also pays for the title insurance. Title |
| There are few things that the buyer should take care | | | | insurance covers him from any title dispute with the |
| of before the day of the closing process. You should | | | | third party in the future. The title company provides the |
| gather all the necessary paper works that you have | | | | buyer with information about any recent legal dispute |
| received during your home purchasing process like the | | | | on the property and any penalty on the house for non |
| title search proof, contract papers, home inspection | | | | payment of the taxes before closing. This information |
| report, mortgage insurance papers etc. You might | | | | helps the buyer to know if the property title is clean |
| need them for reference at closing. Also read the | | | | and any taxes dues on the property so that he does |
| agreement documents carefully so that if you want to | | | | not have any legal problems later. |
| make any changes in them you can do them now. | | | | During closing the seller also hands over other relevant |
| Once the agreement is signed by both parties then the | | | | documents of the property like the insurance papers, |
| ownership of the property will be transferred to you. | | | | title evidence, and property tax receipts to the buyer. |
| Also most of the agreements have the provision of | | | | And the buyer pays the seller for any miscellaneous |
| home inspection 24 hours prior to closing. You should | | | | expense that has been previously agreed upon for |
| avail this opportunity to see that the house is vacated | | | | example any furniture or appliances that the buyer |
| by the seller and its condition is as specified in the | | | | wants to retain in the house, any prepaid real estate |
| agreement. If you do not find it as expected or as | | | | taxes that has been paid by the seller and sometimes |
| specified in the agreement then you can postpone the | | | | for the repairs that the seller was asked to do by the |
| closing process till your requirement is met. | | | | buyer. |
| Apart from the seller and buyer the closing meeting will | | | | At closing the buyer also pays commission to the real |
| also have the presence of a closing officer, real estate | | | | estate agent for his services. In the end all the legal |
| agents, representative of the title company and the | | | | formalities are performed and recorded. And the buyer |
| lender. The closing officer ensures that the all the legal | | | | receives the home keys. |
| formalities pertaining to the sale of property is | | | | |