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
When you hear a real estate agent talking about a client that's an empty nester, it means said client suffers from empty nest syndrome. But what is Empty nest syndrome? Empty nest ...
Building more than six stories high serviced by elevators. ...
Land subject to an easement. ...
Housing where affirmative action is actively pursued encouraging people of all races, nationalities, and religions to purchase or rent the facilities. ...
Land parcel bounded by two intersecting roadways. ...
The definition of voluntary alienation in real estate is the transfer of the residency rights or deed of a property between two parties without the use of extraneous legal measures. Unlike ...
A loan whereby the lender, in the event of a default, has recourse beyond the collateral pledged to initially secure it. For example, John gave Brian a $50,000 recourse loan using Brian's ...
The definition of net sales price in real estate is the combined total cost to the buyer of a listing, excluding any auxiliary costs such as the sales fee, appraisal fee, real estate agent ...
When someone owns a house that is an abutting property, it means that the property is sharing a boundary with the property next to it. The two abutting properties are adjoining properties ...
Have a question or comment?
We're here to help.