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What happens at a real estate closing?

| Mar 26, 2016 | Real Estate Transactions |

When buying a home in Florida or elsewhere, closing day is a day of excitement. Most people just want to get it over with and get moved into their new homes. Before just signing one’s life away, though, it is important to understand everything that happens during a real estate closing, what can go wrong and how an attorney can help throughout the process.

By the time one gets to closing day, a lot as already occurred. A home inspection has been done, a final walk-through has been completed, repairs — if agreed upon — have been finished, insurance has been obtained and financing is in place. On closing day, buyers will want to take all documents they have received throughout the home buying process. It is always good to have this information on hand in the event of errors on the closing documents.

During a closing, several people are generally present. These include the buyer, seller, title company representative, attorney, real estate agents and the lender. At closing, more documents will need to be signed, including a transfer of property, mortgage agreement, deed of trust and various others. There are quite a few, and it can certainly seem overwhelming. It is important to carefully review these documents, though, to make sure they are complete and accurate.

Unfortunately, whether in Florida or elsewhere, things happen at a real estate closing that can sideline one’s home-owning dreams. A lender may back out at the last minute, property liens may not have been cleared or a buyer’s financial circumstances have changed. An attorney can review these and any other potential issues one might have during the closing process and can brainstorm ways to help overcome them so that one’s dream of home ownership can be realized.

Source: bankrate.com, “Buying a home: What happens at a mortgage closing?“, Crissinda Ponder, Accessed on March 24, 2016

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