How Does it Work?
Whether you’re closing on your first property or it’s been a while since your last purchase, the real estate closing process can be confusing! Check out our breakdown of the steps you need to understand.
1. Contract Acceptance
Once a buyer’s offer is accepted by the seller, the parties enter into a Purchase and Sale Agreement (P&S). This contract outlines the terms and conditions of the sale, including the sale price, closing date, and any contingencies.
2. Title Search & Examination
A title search will be conducted by our team to ensure that you have a clear and marketable title to the property. This helps identify any liens, encumbrances, or legal issues that need to be resolved before closing.
3. Closing Disclosure & Documents
Our office will work with the other party to create a Closing Disclosure for your final review and acceptance, outlining the final costs and financial details of the transaction. Both parties then sign a variety of legal documents, including the deed.
4. Funds Transfer & Recording the Deed
The buyer will provide the funds required to complete the purchase, which are typically facilitated through a certified check or wire transfer. The seller will receive their proceeds from the sale.
The deed will be recorded in the local county registry of deeds to officially transfer ownership from the seller to the buyer.
5. Distribution of Funds & Sale Completion
Our office will ensure that funds are distributed correctly and in a timely manner to pay off any outstanding mortgages, liens, and closing costs.
Finally, the seller hands over the keys to the buyer, officially completing the sale!
You won’t need to take any additional steps—your closer, realtor, and lender will manage the rest!