Buyer Basics: Part 8 - Closing

For those of you that have been following this series for the past eight weeks, Tyre Realty Group thanks you. Throughout this series, we have tried to take prospective buyers throughout the entire buying process while answering frequently asked questions our agents receive. Today marks the end as we take you through the closing process.

Before a buyer heads to their attorney’s office to sign their life away for the next thirty years, the buyer’s agent will conduct a final walkthrough. The final walkthrough is designed to give the buyer one last chance to view the home During this visit, the buyer and his or her agent will ensure that the property is “in the same or better condition” than the home previously was when the offer was submitted. Of course, normal wear-and-tear is expected. The main thing to be on the lookout for is any damaged that might have occurred during the moving out process. Also, if the buyer elected not to have a final inspection, then the completion of certain repairs will also take place during this time.

After the buyer deems the home acceptable, the buyer and his or her agent will then head to the attorney’s office to sign. The buyer will be asked to bring government-issued identification and a certified bank check for the funds due to close. This amount should have been given to the buyer prior to closing by the lender financing the loan. The buyer will sign multiple documents needed for the loan, along with the Closing Disclosure. Once all documents have been signed, the attorney will then wait for the wire transfer from the bank. Once the attorney has the funds, then he or she will record the deed in the buyer’s name. This recording of the deed signifies the ends of the transaction and the buyer may now receive keys to his or her new home.

Typically, only the buyer, the buyer’s agent and the lender (sometimes) attend closing with the attorney. In most cases, the seller has already signed over the deed and the Closing Disclosure and does not attend the actual closing. Prior to closing, the buyer should have had utilities switched over into his or her name. 

The goal of this series was to help educate prospective buyers. If you are a buyer needing further information or have decided you are ready to start the purchase process, please contact Tyre Realty Group. You may visit us at our office at 505 Red Banks Road Suite E. Or, you can always contact us on our Facebook or Instagram (@tyrerealtygroup).   

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