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ClosingThe meeting when a buyer, seller, and real estate closer get together to transfer a property from one person to another is called a closing. The person who conducts the meeting is usually from a real estate title company. There will be numerous legal documents presented for signature by all parties. At this meeting, make sure the dollar numbers on the closing statement are what you agreed to in the buy-sell contract.For adequate time to review the closing statement, you can request a tentative copy of the working document several days before the actual closing. If there are aspects which you do not understand, seek clarification before the actual closing.A real estate attorney may be necessary depending on your experience level and the size of the transaction.Before you sign anything is the time to ask questions. Once you have signed all the documents, you own the property and any problems with the property. So clear up any issues you may have before you sign.Keep all the documents that are produced at this closing handy. Make sure you have a copy of everything you have signed. Another useful document is a copy of the sellers statement. You will have to request this to get a copy, typically. But you are entitled to a copy as a part of the transaction.
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Prepared 2006-2010 David Ullian Larson |