It could take approximately 71 days from the date you make an offer on a home, to the closing date. While this might seem like a lot of time, you’ll have plenty of responsibilities to squeeze in during this timeframe.
Therefore, you’ll need to get busy as soon as the seller accepts your offer, as you must complete many steps while preparing for a real estate closing.
Closing day is when you take possession of the house you’re buying, but you can’t close unless both parties complete all of the required tasks. We have developed a short guide to help you prepare for this eventful day.
Buyer Responsibilities
The buyer has many responsibilities when purchasing a home, beginning with the loan work. Most people require mortgage loans to close on their home purchases. So, you’ll need to work with your lender if you need a loan.
Secondly, you’ll need to hire a title company to handle the closing process. The title company researches the home title to ensure it doesn’t have any defects or problems. They also provide title insurance on house deeds.
The buyer might also hire inspectors and other professionals to complete services. For example, you’ll need an appraiser to determine the home’s value.
Seller Responsibilities
The seller also has responsibilities to complete before the real estate closing day. One of the seller’s main duties is to complete any contingencies that were agreed to within the contract.
Additionally, the seller is responsible for packing their things and moving out. The seller might have additional steps to complete if the title company finds any problems with the house deed or title.
The seller must also work with inspectors and professionals that need to go to the home to complete their services.
Closing Day Steps
Closing day is when the real estate property transfer occurs. On this day, the buyer takes ownership rights and possession of the house, while the seller must officially vacate the home.
Both parties receive a settlement statement a few days before closing, and both must review the statement to ensure its accuracy. If anything is incorrect, they must report it to the title company prior to closing day.
Both parties must be at the closing appointment. At this time, both parties must sign all the forms and documents to complete the transfer.
The buyer must pay the necessary mortgage fees, title fees, and other expenses required. As a result, the buyer generally needs a cashier’s check at closing.
On the other hand, the seller receives a check for the profit from the home sale.
The deal is complete when both parties finish signing the remaining documents.
Get the Title Services You Need
Closing day is an exciting day for the buyer and seller, but you can’t close until you complete all the necessary steps. One vital step is the title work needed for the transaction.
If you are searching for a real estate title company in Florida, contact us at Emerald Coast Title Services. We help buyers and sellers prepare for closing day, and we can help you. Contact us today to learn more.