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
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 ...
Removal of a tenant from a portion of a rented or leased premise. ...
Urbanized area in and around a major city. The metropolitan area may overlap county and state boundaries and may encompass a city, its suburbs, and the orbit of its social and economic ...
Also called a title defect. Any claim, lien, or encumbrance which, if valid, may impair the owners title to the property. This cloud does not hinder transfer of ownership on the property, ...
Decline in the credit status of a prospective homebuyer. ...
Involves the transfer of property from one individual to another for a consideration in the form of sale. It is the most widely used type of real estate deed with a period of bargaining ...
The adjudication definition is a legal ruling or judgment used in the justice system when a case is settled or finalized. To define adjudication, we must look at the justice system and how ...
Region or locality that assesses real estate taxes on the properties located within its borders. Frequently, the local county or city is the property taxing jurisdiction which is empowered, ...
The term assessed value is used to define the dollar value of a property for the applicable taxes. The evaluator, a tax assessor, determines the property’s assessed value for tax ...
Have a question or comment?
We're here to help.