The day you have wished for, waited for, and stressed over is finally here! You are closing on your home! If it is your first home or many homes later, it is a big deal. Closings often involve big bright conference rooms, lots of people, and LOTS of paper. As an agent, I have often noted how a closing can affect each of the different types of people at a closing. The attorneys are often lighthearted and friendly (as they often all know each other) and the buyers and sellers a little nervous.
In that conference room full of people will be:
- The Buyers and their attorney
- The Sellers and their attorney
- The Bank attorney
- The Title Closer
- The Real estate agents involved in the sale
The Title Closer is the person who represents the title company. The title company ensures that the buyer receives a “clear title” which means that there are no claims against the house or property by others, usually outstanding loans.
While it seems relatively simple, there are many moving parts to a closing, from something as simple as how much oil is left in the tank, to assuring clear title, and the registration of the deed. Lots of checks will be written by the parties involved, either personally or by their attorneys (in their name).
Attorneys will explain each part of the transaction to their clients as they go along. This makes everyone feel more relaxed (well, that’s relative, I suppose). There is lots of discussion between the professionals involved to ensure that everything is covered, the money has been transferred and that the title is clear.
One thing to note is that the day of closing is sometimes not the same date as taking possession of house. Sometimes closings are done before the property is vacant. This is, of course, arranged prior to the closing date, so there are no surprises there.
Occasionally, problems arise, some that are large enough to delay the closing. Many transactions go smoothly and will be completed in about an hour or so. Then you can breathe a sigh of relief and enjoy your new home!
Edith Pulizzotto, CBR. SRES
Real Estate Salesperson
Daniel Gale Sotheby’s International Realty