Day of Closing
1. The buyer will walk through the property to make sure that everything is in the condition agreed upon in the sales contract, and that any required repairs have been made.
2. Final Closing Disclosure Review: The buyer will review the final closing disclosure, which outlines all the costs associated with the transaction, including the down payment, closing costs, and any prorated expenses.
Signing of Documents: The buyer will sign all the necessary documents, including the mortgage agreement, promissory note, and deed of trust.
3. Payment of Closing Costs: The buyer will pay all the closing costs, including the down payment, closing costs, and any prorated expenses.
4. Title Transfer: The title of the property will be transferred from the seller to the buyer, and the deed will be recorded with the appropriate government office.
5. Disbursement of Funds: The funds will be disbursed to the appropriate parties, including the seller, real estate agents, and any third-party service providers involved in the transaction.
6. Issuance of Title Insurance: The buyer will receive title insurance to protect them against any claims or disputes that may arise regarding the ownership of the property.
7. Key Exchange: The seller will hand over the keys to the property to the buyer, and the transaction will be complete.
It's worth noting that the specific process and timeline for a real estate closing can vary depending on the location and the specifics of the transaction. It's important to work with a knowledgeable and experienced real estate agent or attorney to ensure that everything is done correctly and efficiently.