Real Estate Closings East Greenwich RI
East Greenwich, RI
Real Estate Closing
| What is a Real Estate Closing?|
Sat 12/05/09 07:12:21 pm
You Should Know
When someone else holds your real estate property until the conditions of the contract or agreement is fulfilled, your property is said to be held in escrow. In the real estate market, the word escrow is a common term in realty transactions. It is the process in which the property is agreed to be transferred from the seller to the buyer by a third party. Then, there is the escrow agent who takes on all the activities related to escrow, and the account that they are held is called escrow account. What does close of escrow mean? It is simply another word for closing a transaction. This is the last transaction in a real estate deal. Here, the property is legally handed over to the buyer. Though this is the last step in the transaction, the parties concerned may still have some problems to deal with. Problems may happen if some documents are missing or not ready and if the details in the documents does not appear to be in harmony with what has been agreed by the parties involved. This is where a reliable closing agent plays an important role in the success of the real estate deal. The closing agent plays a significant role during the closing meeting as he has to make sure that all the necessary documents are taken cared of. He should also be familiar with the contents of the papers so he can explain the matter to the seller and the buyer. In case the figures agreed by both parties were not indicated on the documents, he should be able to explicate that to both parties concerned. In many cases, the buyer makes the decision when it comes to selecting a closing agent. It is essential to select a reliable and experienced closing agent. The important people who should be there during closing session are the seller and the buyer because they are the ones needed to sign the documents. The closing agent should be there through the duration of the closing session because he has to explain the details of the documents to both parties involved. Attorneys from both parties may stand beside them during the meeting to make sure that everything is legitimate. Other people that may be present during the session are the representative from the lending company and real estate agents. During the closing session, the buyer and seller have to agree with the details of the documents to make the transfer of ownership validated. Then, they have to affix their signatures on the papers. After signing the documents, other concerns will be dealt with such as the requirements required by the lender and the closing costs. The buyer usually covers the closing costs but it may depend on what has been agreed by the two parties. In addition, the closing agent shall get the first mortgage payment from the lender. After the meeting, it is the duty of the closing agent to file and report the transaction to the local govern...