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
Formal statement by an auditor, after through examination and consideration, as to whether a real estate company's financial statements fairly present financial position and operating ...
Vendee refers to a person to whom something is sold. The meaning of vendee is a buyer of goods and services. A more common term for vendee is a purchaser. While a vendor is a seller, the ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
Roof having less than a 10 degree slant. ...
Provision in a mortgage that requires the final payment to be substantially more than all other payments. ...
Also called earnest money. Money deposited with an individual for security for the performance of some contract. This is intended to show his/her willingness to follow through with the ...
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 ...
(1) Giving up an ownership claim to property. (2) Renunciation of a claim to real property. ...
Professional certification granted by the Institute of Real Estate Management, an affiliate of the National Association of Realtors. ...
Have a question or comment?
We're here to help.