Closing Process
Definition of "Closing Process"
The closing process is the final step of a property sale. It starts when the home seller agrees to the home buyer’s offer and it ends after all Closing costs are paid and the title of the property is finally transferred to the new homeowner.
Although it is the moment all parties anticipate the most, truth is it can be a stressful moment. Many first time home buyers don’t realize the amount of closing costs there are. Depending on the state and the type of property, it passes the dozen! So an arm-wrestle begins regarding who pays for the closing process. And also, at times, first time home sellers did not really prepare to vacate the property on time and now they need more time to leave the home… It can become a nightmare; and the closing process - that seemed like an easy glorious moment where the home buyer and the home seller finally sign the transfer of the title of property and toast with champagne – just drags on and on.
Closing is not an event, but a process; that's why it's called Closing Process and not "Closing Event".
So, approach it with care. Look at the big picture and know that the hardest part – agreeing on the homes fair market value – has been achieved. Take a deep breath, surround yourself with professionals and good luck!
Real Estate tips:
The closing process wouldn’t give you a headache if you were prepared to deal with it from the get-go. Search our Glossary for terms to educate you on the real estate world and sell or buy a property with ease.
Search The OFFICIAL Real Estate Agent Directory® for an agent and get bullet-proof regarding other real estate property pitfalls!
Popular Real Estate Terms
Method of finishing edges of walls, window jams, doors, or projections with decorative strips of wood to give a better appearance as well as providing protection from jagged edges and ...
Some plausible, but not completely clear-cut indication of ownership rights. It supplements a claim to title to property, but does not actually establish it. ...
The result of an act or a fact. ...
In insurance, charging the lowest rate accorded an insurance policy covering a minimum risk classification situation. For example, a homeowner's insurance for a home located within 500 feet ...
Tables used to compute the monthly mortgage payment that consists of principal repayment and interest. A loan amortization type of formula is used. The tables have monthly payments for any ...
The value of property subject to tax. The tax equals the tax rate multiplied by the property's value. ...
In order to define allotment, we have to take into consideration what it refers to. While generally, it refers to a certain amount of something that is allocated to a particular person, the ...
The term apartment is used when referring to a type of residential unit that is self-contained and occupies only a part of the building. Through self-contained, we understand that the ...
Range reconnaissance, or surveying, for the purpose of preparing grazing capacity estimates. There are two parts to a range survey: mapping of grazing cover varieties and associated ...
Have a question or comment?
We're here to help.