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The closing process is the final and most important step in any real estate transaction; it is when the ownership of a property officially changes hands. Buyers and sellers alike should be ready for this important day. Proper preparation makes everything flow smoothly and efficiently without any last-minute surprises. In this blog, we will take you through the checklists and costs of closing both for the buyers and sellers so that it can be seamless.

Real Estate Closing Timeline for Buyers

For buyers, closing day caps months of work from acquiring a loan to conducting inspections. On the timeline is finishing a loan, reviewing the Closing Disclosure, and preparing to present funds for payment. In terms of closing day, once that property title has been cleared, getting all the documents together and then heading to the table must be in order from a payment perspective.

Buyers Closing Day Checklist

On closing day, buyers need to make sure they are well-prepared to complete the purchase of their new property. Here is a checklist of things buyers should be aware of:

  • Review Closing Disclosure: Before heading to the closing table, review the Closing Disclosure provided by the lender. This document outlines the final terms of your loan, including your interest rate, monthly payment, and closing costs. Make sure the information matches what you were originally told.
  • Bring Necessary Documentation: Ensure you have all required documents, such as your identification, proof of homeowner’s insurance, and any additional paperwork requested by your lender or title company.
  • Perform a Final Walk-Through: Before closing, buyers should inspect the property one last time to ensure there are no outstanding issues. This is especially important if repairs were negotiated during the inspection process.
  • Prepare for Payment: Buyers will need to bring a cashier’s check or arrange for a wire transfer to cover the down payment, closing costs, and other fees. Make sure all payments are ready in advance.
  • Sign Documents: Be prepared to sign various documents, including the Closing Statement, which outlines the final transaction details. This will confirm that the funds have been transferred and that you are the new owner of the property.

Closing Costs for Buyers

The closing costs that the buyers will incur include the down payment and loan origination fees. Other costs such as title insurance, home inspection, and appraisal fees should also be factored in. Escrow fees may be necessary to manage the funds during closing. Make sure you budget for all expenses so that you do not get surprised on closing day.

Sellers Closing Day Checklist

Sellers also have specific responsibilities on closing day. While the process is a bit different for them, they too must prepare for various tasks to ensure everything goes smoothly. Here’s a checklist for sellers:

  • Review the Closing Statement: Sellers should carefully review the Closing Statement, which details the final sale price, commission fees, any repairs that were negotiated, and other costs associated with selling the property.
  • Prepare to Sign Documents: Sellers must sign a variety of documents, including the deed of transfer, which legally transfers ownership of the property to the buyer.
  • Clear the Property: Before closing, the seller must remove all personal belongings, as the property should be handed over to the buyer in good condition.
  • Pay Off Existing Mortgages: If the seller has an existing mortgage on the property, it must be paid off during the closing process. The lender will provide a payoff statement, which details the amount owed.
  • Hand Over Keys and Documents: On closing day, the seller must provide the buyer with all keys, garage openers, manuals, and any other relevant documents related to the property.

Closing Costs for Sellers

The seller is also held liable for the commission paid to a real estate agent; it mostly depends on the percentage of a sale price. The close costs may also include the cost incurred in title insurance, repair concession, and the settled outstanding property taxes or any liens. A home warranty will also be a part of the deal to provide the customer with peace of mind as well.

Contact Sankalp Title’s Title Services Today

Title services from Sankalp Title help ensure smooth and secure real estate transactions. Our title insurance protects both buyers and sellers, and our experienced team helps navigate the closing process. Whether you are buying or selling a property, we will ensure that all title issues are resolved and that all the necessary documents are in order. Contact us today to make your real estate closing as simple as possible.

Conclusion

Preparation for the closing day is critical, both on the buyer’s end and seller’s end to ensure hassle-free closure. Adhering to these checklists and realizing the cost of expenses should ensure you have no surprise at the closing table. Do not let anyone other than professional people help you; there are individuals like Sankalp Title. A smooth successful conclusion of real estate for you with such preparation knowledge.

 

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