Lauren and Christopher closed the deal on their new home. After pouring some champagne, they started wondering what happens next. Will they have to provide more documents? Sign papers? They know they’ll have to attend a ‘closing.’ But, what really happens at a real estate closing?
Closings are typically handled by closing agents who may or may not be attorneys. Purchasers and sellers – and their agents – should remain accessible to the closing agent’s requests for more information.
The person or entity that is purchasing the property usually chooses the closing agent and gets things started. What follows is a basic timeline for a typical real estate closing.
The real estate agent, loan officer, purchaser, or refinancing owner will send a title order to the closing agent.
The closing agent then usually orders:
- A title search,
- Location survey,
- Payoff statements, and
- Real estate tax documentation.
As documents come in, the closing agent may set a date for the closing, then notify everyone. There usually will be several weeks advance notice. Also, closings are often held at the title company’s office or a real estate agent’s office.
The closing agent clears the title and issues title insurance commitments prior to the actual closing. At least three days before the closing, you should receive a Closing Disclosure that sets out the actual terms of the real estate transaction. It’s a good idea to ask for drafts of the closing documents before the closing so you can review them.
The lender sends loan instructions and lender documentation to the closing agent. Then, the closing agent finalizes the documents that will be signed at closing.
The Big Day
At the closing, the closing agent will review the final documents with the parties. Everyone signs the documents where indicated. If the documents don’t need to be adjusted, the closing should last about an hour to an hour and a half.
After the closing, the lender will send money to the closing agent’s escrow account. This money will be disbursed to the right parties.
Call to Learn More About Real Estate Closings
Contact the attorneys at the Dillon Law Group, PLC with your real estate concerns. We give our clients the personalized attention they deserve. Call us at 757-962-4796 to schedule an appointment or use our Contact Form to let us know you’re interested. We assist clients in Virginia Beach, Newport News, and surrounding areas.