Things You Need to Know on Closing Day
Congratulations to you! You’ve found your dream home. This is no easy feat with so many lovely choices on the Tennessee real estate market. Also, you made it through the lender underwriting process, and received the clear to close! So, what’s next? We know Tennessee home buyers can start to feel a bit overwhelmed as closing day approaches.
Here’s What to Expect
There is a lot of paperwork that goes along with the closing process. The escrow company will have most of the documents ready to go. You’ll need to sign them. As the home buyer, you will have a lot more paperwork to sign than the home seller. You can expect signing your name anywhere from ten to thirty times during the closing process. You’ll be signing mortgage documents, tax records, legal disclosures, and more.
Here are some specific things that happen on closing day:
The buyer (or the buyer’s lender) will provide a check for the amount owed toward the purchase price of the house.
The seller will sign the deed over to the buyer. This act officially transfers ownership to the buyer. The seller will turn over the keys, as well.
The title company (or in some cases a lawyer or notary) will register the new deed with the appropriate government office. This record will show the buyer as the new homeowner.
The seller will receive any proceeds they earned from the sale, once their mortgage balance and closing costs have been paid off.
When you sign all the documents, and all funds have been distributed, the deed of ownership will be transferred from seller to buyer. This is when you become a homeowner. The seller will hand you the keys to your new house, and then you’re all done. This is pretty much what happens during a real estate closing. Let’s take a closer look at these events.
Crossland Title, Inc. is fully committed to providing quality products and services to our communities. With more than 36 years of experience in the real estate and title agency business. Owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success. They have a knowledge base and support. The staff of Crossland Title, Inc. is more than capable of guiding each client through the myriad of issues surrounding a real estate closing. Crossland Title Inc. seeks the opportunity to continually earn your business. Trust our service driven, customer sensitive approach to the title industry.