The home closing process is always changing. It is also referred to as settlement or escrow in different parts of the country. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Home closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes, and any additional closing costs. All legal papers are filed with the local record office.
It is this step where the buyers and sellers do very little. It is important as the seller to take a final walk through the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.
Do you have questions about the home closing process in the Wright-Patt Airforce Base area? Contact us for more information—we would be happy to lead the way!