So many buyers and sellers go through real estate closings in a fog of signing papers and not really understanding what is going on and why its important to pay careful attention. So here's a simple Q&A that covers what you can expect at closing:
What is a Real Estate Closing?
It is the legal transfer of Real Property from one owner to another.
How long does it take?
Typically, a Real Estate Transaction closing takes anywhere from 30 to 60 days.
What are Closing Costs?
Costs cover the services required for a property to transfer to another party. These costs include search and exam fees, title work, document preparation, recording fees, deeds, service fees to the title company to conduct the closing and the insurance premium amount for the title policy.
Do I need an Owners Title Policy?
Title Insurance is required by Lenders if you are taking a mortgage out on the property. This insurance covers defects and liens in your properties title that may have occurred in the past. Title insurance is a one-time insurance premium that covers you against any legal problems that could otherwise be quite costly and it covers you as long as you own the home.
What do I need to bring to Closing?
Buyers and sellers need to bring valid Photo ID, such as a valid driver's license or passport.