What Is Closing? How Do You Prepare For Closing?
Q: What is closing?
A: The real estate closing occurs when the parties come together to finalize the real estate transaction. For the Seller, it is an opportunity to present an Affidavit of Title and a Deed to the Buyer, to review any and all closing costs to satisfy any existing mortgages and to receive any excess monies. For the Buyer, closing enables the Buyer to take title or ownership of the property and to satisfy the financial obligations to purchase the property.
Q: What does the Seller need to bring to closing?
A: The Seller’s or Seller’s attorney normally needs to bring the following to a real estate closing:
- The Deed.
- An Affidavit of Title.
- A Certificate of Occupancy or C.O.
- Smoke Detector Certification if required by the Township of the residence.
- Keys to the property.
- Garage door openers, if any.
Q: What should the Buyers bring to closing?
- Money to cover any closing costs;
- If you are purchasing a property with the assistance of a mortgage company, the mortgage company should be notified of the date and time of settlement in order to make sure that the mortgage documentation will be ready and available for you to sign at the real estate closing. The mortgage documentation, also referred to as the “mortgage package” is normally delivered directly to the title company or to the attorney for the Buyer.
- Any other documentation required by any of the parties, the title company or mortgage company, including but not limited to, proof of homeowners insurance, proof of marriage and termite inspection certificates.
For more information, please contact Blair C. Lane, Sr., at 856-354-7700. Initial consultations are free.
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