How Does it Work?
Whether you're closing on your first property or returning after some time, the real estate closing process can be complex. Explore our overview of the essential steps to guide you through the process.
1. Contract Acceptance
Once the buyer’s offer is accepted, both parties enter into a Purchase and Sale Agreement. This contract outlines the terms and conditions of the sale, including the sale price, closing date, and any contingencies.
2. Title Search & Home Inspections
Our team conducts a title search to ensure a clear and marketable title to the property. This process identifies any liens, encumbrances, or legal issues that must be resolved before closing.
Depending on the P&S terms, various inspections (e.g., home, pest) may also be conducted, and any findings can trigger negotiations for repairs or adjustments to the sale terms.
3. Closing Disclosure & Documents
We collaborate with the other party to create a Closing Disclosure for your final review. This document outlines the final costs and financial details of the transaction, and both parties will sign various legal documents, including the deed.
4. Final Walkthrough, Funds Transfer, and Recording
The buyer typically conducts a final walk-through to ensure the property is in the agreed-upon condition. The buyer then provides the necessary funds, typically via certified check or wire transfer, and the deed is recorded to officially transfer ownership.
5. Distribution of Funds & Sale Completion
Our office ensures that funds are distributed correctly to pay off any outstanding mortgages, liens, and closing costs. Once these steps are complete, the seller hands over the keys to the buyer, officially concluding the sale.
You won’t need to take any additional steps—your closer, realtor, and lender will manage the rest!