How Do We get to The Closing Process?

By
Real Estate Agent with RE/MAX Professionals, CT 203-206-0754 REB.0759001
http://actvra.in/C5N

How Do We get to The Closing Process?

It’s an exciting time when you find the home of your choice. After going through the mortgaging process, the inspections, repair negotiations if any, we have to finalize the transaction.

The closing is initiated by your lender letting you know that all your financial requirements have been satisfied, and all contingencies have been satisfied. A ‘Clear to Close’ notice is sent to your lawyer, who in turn will contact the seller’s lawyer to let them know we’re ready and a day and time are selected, satisfactory to all parties.

The contingencies that must be satisfied and resolved by the team of professionals working for the buyer can be as follows:

  1. Contingency removal: These conditions must be removed or waived before the sale can proceed.
  2. Home Owner’s Insurance: The lender wants to know that their mortgage will be secured in the event of a catastrophe to the home. A homeowner’s insurance policy with the bank noted as the lien holder must be secured and paid for in advance and proof sent to the underwriters. Later, the renewal policy can have funds escrowed monthly in the mortgage payment.
  3. Appraisal and title report: To the lender who requires a formal appraisal to confirm the value of the home, the title report ensures that the seller owns the property and can legally transfer ownership to you.
  4. Prepare closing documents: This is usually done by Escrow service companies or real estate attorneys.
  5. Property walk through: Just before closing, as the seller has vacated the home, the buyer and their agent walk through the home to check the final condition before signing the contracts. This protects the buyer in the event the seller had done damage to the home as they were leaving, or took items from the home that should have stayed with the home. An allowance is made by the lawyers and the funds credited to the buyer.
  6. Sign closing documents
  7. Signed documents go to the lender for final review
  8. Deed is recorded and funds disbursed.
  9. Seller receives proceeds

You now receive the keys to your new home.

How Do We get to The Closing Process?

 

Frequently Asked Question #8

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,  www.edwardsilva.com  203-206-0754

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Erica Ramus 06/06/2012 06:27 PM
  2. Hannah Williams 06/06/2012 08:53 PM
  3. Charles Stallions 06/15/2012 08:07 PM
Topic:
Home Buying
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how do we get to the closing process
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Show All Comments
Ambassador
591,713
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Ed, nice job of laying out what the two parties can expect to happen.  NC also uses attorneys to close real estate contracts.

Jun 06, 2012 05:07 AM #1
Rainmaker
149,511
Susanna Haynie
CO-RE Group, LLC -Real estate sales and services - Colorado Springs, CO
Colorado Springs Realtor - GRI, CNE, MCNE, ePro

Ed, great job explaining this process. Colorado uses closing/Title companies

Jun 06, 2012 06:12 AM #2
Rainmaker
275,471
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Ed.   Buyers always want to know when they get their keys.   This does it for them. 

Jun 06, 2012 06:18 AM #3
Rainmaker
233,579
David Grbich
Ventana Coastal Properties - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Great post - always nice to get to close! Regards, Dave

Jun 06, 2012 06:35 AM #4
Rainer
172,089
Lisa Orme
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY - Windsor, CT
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu

Pretty all inclusive summary Ed!  This can make a great hand-out to first time buyers so they feel a bit more secure in the process...

Jun 06, 2012 09:55 AM #5
Rainmaker
693,691
Gene Mundt
www.genemundt.com - 708.921.6331 - New Lenox, IL
Chicagoland Mortgage Lender - 37 yrs experience

Ed:  As a lender, I applaud the concise and easily understood information you supply here.  The better educated .. and better prepared ALL involved in the transaction are, the smoother it goes for everyone.  Hope you print this out and hand it to each and every client of yours ...

Gene

Jun 06, 2012 01:11 PM #6
Ambassador
777,346
Robert & Lisa Hammerstein
Keller Williams Valley Realty - Hillsdale, NJ
Bergen County NJ Real Estate

Ed - Nicely done with the quick and  concise way of explaining the process... Hope all is well by you neighbor..

Jun 06, 2012 02:42 PM #7
Ambassador
1,870,333
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut - Middletown, CT
Your Connecticut Mortgage Expert

Ed you covered everything except one thing, the big smiles on everyone's face at the end of the Closing.  Seller has their money and Buyer has the keys, it is a happy time.

Jun 06, 2012 04:33 PM #8
Ambassador
1,256,440
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Great summary Ed. I am going to reblog this one!

Jun 06, 2012 06:26 PM #9
Rainmaker
810,806
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

Ed - Congrats on the featured post.  Nice summary of the closing process.

Jun 06, 2012 06:47 PM #10
Rainmaker
1,229,955
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc. - Brampton, ON

Once again, excellent information Ed. Its the longest wait for a buyer and seller, the time time between the offer and closing.

Jun 06, 2012 07:12 PM #11
Rainmaker
602,988
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

What a great answer to a very FAQ!  I am bookmarking this one.

Jun 06, 2012 08:01 PM #12
Rainmaker
1,020,610
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
Ed, that pretty much sums up the process. Of course the process my vary from state to state. Nice job.
Jun 06, 2012 08:52 PM #13
Rainmaker
711,769
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

 Ed, this is an interesting and informative post.  If only our clients understood how many unexpected "things" come up in between these steps!

Jun 06, 2012 10:17 PM #14
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Ed Silva

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