What to Expect During the Closing Process

Settlement – closing statement review – Near the end of the transaction, you will receive the settlement statement (Closing Disclosure). We will be delighted to review this statement for mathematical and pro-rational errors as well as false charges. 

Walkthrough and closing - Count on us to be there during the final walk-through of the property ensuring all repairs are completed.  We will also attend your closing to be there for support and to answer any questions you might have.

The Paper Trail - What if paperwork isn’t finished by closing day? Regardless of when the closing is scheduled, it can’t happen until the closing agent notifies the parties that all necessary paperwork is in order. There are all sorts of things that can delay closing, ranging from clerical errors to loan documents lost in the mail room.

Money can also trip up the process. If the buyer is told to wire $10,000 to closing and shows up with a certified check for $9,000 and a personal check for $1,000, the closing may be delayed. If in reviewing documents either the seller or buyer find a name misspelled or an incorrect address, or figures that don’t add up, the errors must be fixed before closing can proceed. This is why both seller and buyer need to stay in touch with their Team Traditions agent and do everything they can do personally to facilitate closing on the scheduled day. We will be on top of all the Parties to get updates and, push progress and alert you of any anticipated issues or delays.

Closing Day

Depending on the circumstances, either all Parties involved in the Settlement will gather around one table or sellers and buyers will have separate signing meetings with the Closing Agent. At the end of the signing by both parties and after the buyer’s lender has wired the funds to the closing attorney, funds will be disbursed to the seller for the proceeds of the sale. The buyer will receive all keys to the house and outbuildings plus the garage door opener and security system codes on the date of possession agreed upon in the purchase agreement.

Remember that the new ownership is official the minute the signed and notarized closing documents are recorded at the county courthouse, which usually happens at the end of the day or first thing in the morning. When the deed is recorded, the title of ownership transfers from seller to buyer.

Here's a great article from American Lifestyles Magazine:

What To Expect From The Closing Process

Buying your home is a complex process, and it’s only natural for you to have some questions and concerns. Please don’t hesitate to ask any question that you may have. When it comes to selling your home, there is no such thing as a dumb question!