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
Innovative architectural designs for either single or multi level homes and other buildings incorporating innovative features, such as passive solar heating. Contemporary building plans ...
The United States has a law named “eminent domain” that grants local, state, or federal government the right to take ownership of a private property with or without the consent ...
Enumeration of the consideration given by each party to a contract which in some cases must be in written form to be enforceable. For example, the statute of frauds requires that all ...
Governmentally held records of public transactions giving constructive notice that documentation exists confirming the transaction. ...
The consolidation of items that have been considered a part of property but are not actually annexed, secured, or joined to it. ...
Heat resistance measure commonly used with insulating material, outside walls, and roofs. The higher the R value, the more heat transfer resistance a material has." ...
Originally strips of wood approximately 1 to 1 1/2 inch wide, 1/4 to 3/8 inch thick by approximately 4 ft. long which were nailed across the wall studs for the purpose of supporting ...
Type of property distribution occurring when a person dies intestate. The estate id divided by the children of the deceased and by their children. For example, if a husband dies intestate, ...
Incontrovertible reality forcing a judge in a trial to find evidence to the contrary unsupportable. ...
Have a question or comment?
We're here to help.