WHAT IS A REAL ESTATE CLOSING?

 

                                                                   

 

A “closing” is where you meet with the Escrow officer, in order to  transfer the property title to you.  The purchase agreement or contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur. 

 

 

If financing the property, your lender will require you to sign a document, usually a promissory note, as evidence that you are personally responsible for repaying the loan.  You will also sign a mortgage or deed of trust on the property

as security to the lender for the loan.  The mortgage or deed of trust gives the lender the right to sell the property if you fail

to make the payments.  Before you exchange these papers, the property may be surveyed, appraised, or

inspected, and the ownership of title will be checked.

 

At closing, you will be required to pay all fees and closing costs in the form of “guaranteed funds” such as

a Cashier’s Check.  Your Escrow officer or Loan officer will notify you of the exact amount at closing.

 

 

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