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
Any walls constructed without using concrete or mortar. Drywall materials include sheetrock, gypsum, plywood, Styrofoam, and pressed fiver. See also drywall construction. ...
Ownership of a real estate in which at least two or more individuals have equal ownership. If a member of the group dies, the property is transferred to the survivor (s), for example, a ...
Factor employed by real estate agents or appraisers to determine the change needed in operating income to obtain a desired rate of return. It is used to evaluate income-producing property. ...
The portion of a structure providing the primary ground support. Foundations have a foundation wall forming a permanent below grade retaining wall. All modern foundations rely on concrete ...
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
A Vanilla Shell - also known as a Vanilla box, white box or whiteboxing – is something very common in commercial real estate and growingly common in residential real estate. In many ...
The down payment on the price of a real estate. For example, it is customary to make a down payment of 10% of the value of a real estate parcel upon signing the purchase agreement. ...
Broker employed by and therefore loyal to the buyer. ...
Have a question or comment?
We're here to help.