Even when you’ve finally found the house of your dreams, presented an offer, and signed the contract to buy, the process of purchasing your new home isn’t quite over. You still need to complete the transaction by going through the real estate closing, which can be a little daunting for first time home buyers. You should consult with an Oklahoma City real estate lawyer about the specifics, but here are some answers to the most common questions people have about closings.
What is a closing?
A real estate closing is the meeting where the buyer, seller, and other interested entities gather to complete final performance of all agreements involved with the transaction. During the meeting, all parties will exchange relevant documents and funds representing the purchase price.
If you are obtaining a mortgage to finance your new home, your loan agreement is part of the closing. Typically, the price will be a combination of your down payment and the proceeds of your home loan. In turn, you sign documents indicating your promise to pay the loan and give the lender a lien on the property.
On the other side of the transaction, the seller will provide you with the deed and transfer documents that give you clear title to the real estate. Both the buyer and seller pay respective fees to real estate agents and other parties that have contributed to the transaction. A title company may also be present at the close. This business is a type of insurer that covers your ownership interest in the property in the event that someone comes forward and tries to make a claim.
What happens after a real estate closing takes place?
At the conclusion of the process, you walk away as the owner of the property. You’ll be allowed to take possession right away, unless you’ve made an agreement to the contrary with the seller.
A real estate closing can be overwhelming for first-time home buyers, so it’s wise to have an attorney to assist you with the process. Buying a home is a huge investment and errors can be costly, but a qualified lawyer can help you avoid mistakes. If you’re closing on a home and would like to discuss your situation, please contact the Oklahoma City office of Robert R. Robles at (405) 232-7980. Our attorneys can answer your questions and provide more information on how real estate closings work.