There are two main tasks that you will need to do complete at the closing stage of a real estate transaction: sign all relevant legal documents and pay all closing costs and escrow items.
If you have obtained a mortgage loan to help you pay for the property, you should expect to sign a contract between you and the lender providing your mortgage. You should also expect to sign a contract between you and the seller or buyer. This contract will explain the terms of transfer of ownership of the property.
In addition to the aforementioned contracts, there are several other documents you can expect to both review carefully and sign. These include:
An attorney can be present, and it is highly recommended that you do have your attorney with you in case you have any last-minute questions or issues. Of course, the selling agent may be an attorney himself and will be present along with the seller, the seller's attorney (if he chooses to have one present), the title company representative, the seller's real estate agent, and your lender.
Buying and financing a piece of real estate can be one of the most financially burdensome experiences of your life. A real estate attorney can advise you of the different mortgage financing options for this financial endeavor. An attorney can also review any financial documents, and advise you concerning your obligations and the best way to proceed.
Last Modified: 07-01-2014 03:40 PM PDTLaw Library Disclaimer
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