What happens at the real estate closing – Buyer’s Edition
On average, every closing is different. But in the average residential real estate closing, assuming you will be obtaining a loan to purchase the property, buyer will meet his or her attorney at the title company, and in many cases this may be the place where you meet your attorney in person for the first time. Your lender may join you. If you have an agent, your agent may join you.
But in general, you will work closely with your attorney to examine your loan documents, the documents prepared by seller’s attorney, and the documents required by the title company. An experienced attorney knows these documents and will be able to walk you through them in an expeditious manner.
Once your documents are reviewed and signed, the closer continues to work with the processor at your lender’s office, and you will wait for approval from your lender so that the file may close and you will wait for funding, meaning the money will arrive by wire to the closing.
Again, keep in mind every deal is different and some files simply take longer to close than others, but it is certainly helpful to have experienced professionals working on your side, and that includes your attorney.
An attorney experienced in real estate can help make a big difference as to how smoothly your transaction closes.
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