Buying a home should be one of the most enjoyable experiences of life, not one fraught with anxiety and confusion. Closing (also referred to as completion or settlement) is the final step in executing a real estate closings transaction. The attorneys of Pruitt & Tudisco, P.C., have extensive experience handling residential real estate closings. Our attorneys and experienced staff members are committed to being accessible to you at all times and to keeping you informed about the status of your real estate closing. We strive to provide prompt responses to your questions and to do our best to exceed your expectations. Furthermore, the attorneys at Pruitt & Tudisco, P.C., will review and explain all the documents that you will be signing at closing and will ensure that all requirements are met for your property to be covered by appropriate policies of title insurance. In short, we are committed to making the entire process the joyous occasion it should be.
What are Real Estate Closings? Closing (also referred to as a completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase and is usually several weeks after an offer is formally accepted. The closing process officially begins once the seller accepts, signs and returns your purchase offer (also known as the purchase agreement). On the closing date, ownership of the property is then transferred to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, lawyers (depending on the state), the mortgage lender, and the title company. Lenders providing a mortgage loan will often require title search, title insurance, appraisal, land survey, and attorneys to be involved. (referenced from wikipedia.org click here to read more of the article)