The home closing process is always changing. It is even referred to as settlement or escrow in different parts of the country. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Home closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. All legal papers are filed with the local record office.
It is this step where the buyers and sellers do very little. It’s important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.
Do you live in Southern Illinois and have questions about the home closing process on the buyers side? Let Strano & Associates take the reins! Contact us for more information today.