Closing the Sale
Time to Wrap it Up
It takes time to adequately arrange the processing of a closing. Many things have to take place; like loan origination, appraisals, inspections and the coordination of moving etc... Instant or rushed closings are impractical and unprofessional. Most closings are set for 30 to 60 days. Most mortgage companies only lock interest rates for about a 30 day period. If a buyer loses their lock-in rate, it may cause them to no longer qualify for the loan in the initial contract. It is important that everything marches to the exact timeline all the way to closing.
Closing Day Procedures
The closing, also known as settlement or escrow, is when all parties of the sale meet to prepare and sign the final documents of closing. The buyers pay out money to the owner and make sure the purchaser's title is properly recorded in local records along with any mortgage liens. The closing agent, who could be an attorney, a real estate attorney and/or a title company, reviews the sale agreement to determine what payments and credits the owner should receive and what amounts are due from the parties involved.
It is important for a seller to review his/her obligations prior to closing. If you have agreed to paint a room or replace the refrigerator this must be completed before closing. Your Realtor should help you in keeping track of the timelines and of your obligations. Additionally, the seller should review the HUD statement before closing day to make sure the expenses are what are anticipated.
The most important asset in a real estate transaction is your Realtor.
At Ellingson Properties our determination, duty, values, experience and knowledge of today's market trends keep us on the cutting edge of real estate. We value each relationship we build with our clients and we will continue to support you and assist you with any future endeavors.