What to expect when closing a property deal
What to expect when closing a property deal. From how you get there to what you need to bring with you.
All the parties involved in the property purchasing process buyers, sellers, and real estate professionals get anxious about property closing because this is the process of transferring a property from the previous owner to a new one.
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After the completion of the property buying process — negotiations, appraisals and inspection the final step is to close the deal. But what does it really happen during this final step? Here, we’ll guide you through all the details of what to expect at closing.
The Contract
At closing, your participation will involve some significantly important steps:
Sign all the legal documents (an attorney is highly recommended). The most important document in this final phase is the contract. The contract between you and the seller which transfers the ownership of the property. Be sure to read all documents carefully before signing any of them, and do not sign any kind of forms not translated in your language.
Who is present at closing
Closing procedures vary from country to country but usually the following parties are involved:
- *A notary.
- Attorney: Usually an attorney represents the buyer or the property owner. However, both sides may have attorneys to facilitate the process. It’s always a good idea to have an attorney present who represents only you and not both parties to ensure property transparency.
- Property seller.
- Property seller’s real estate agent- if any.
- You, also known as the property purchaser.
* The closing usually takes place at the attorney’s office. It’s the property buyer’s right to choose the attorney. The attorney acts in the interest of the buyer and takes care of the closing elements, such as preparing paperwork, making sure all paperwork is properly signed, conducting a title check on the property, and receipt and distribution of money, among other things.
Factors that can lead to closing delays
Many factors can cause delays to the property closing. One common element that can cause a delay is if there is a repair that the buyer’s appraiser believes needs to be addressed before the closing.
Another factor is an uncertainty or a problematic section on the deed that the seller is unaware of that must be resolved before the closing can take place. A property owner can cause the delay if he/she lacks some of the documents that the notary needs to conduct the closing. However, at ARENCORES all the properties listed are carefully evaluated and can only be published only if all the documents of the property are provided by the owner.
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