What can I expect on the day of closing?

Closing is the completion of the real estate transaction between buyer and seller. On your “closing date,” ownership of the property is officially transferred over from seller to all buyers that will be on title to the property. For a refinance, the settlement date is the date that the borrower signs the loan documents. Federal law requires a 3 day waiting period after signing for a refinance before any monies are disbursed. This is also know as the rescission period or right to cancel the loan. Closing, often called “settlement”, includes buyers, real estate agents, your attorney, the lender’s attorney, sellers, and title or escrow representatives. If you are out of state, you have the right to have an attorney represent you or another person ( usually a relative) if you are unable to attend on settlement day. This person chosen will act as your “Power of Attorney” allowing them to sign on your behalf. Most paperwork done in closings are coordinated between title companies, lenders, attorneys and real estate agents. Your main role in the closing is execute all of the legal documents required to complete the transaction and make it official.
Ready to take the next step? Apply Now or Get help from an expert.