Understanding the Home Closing Process

What to Expect at Closing

The day you close on your home should be a happy day. You made the decision to sell/buy your home, found the right real estate agent to list it, and now to finally sign on the dotted line. One of the last items to check off your list is closing day. Here at Haring Realty, our REALTORS® help make the process as simple and straightforward as possible. 

The 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 neither party needs meet with the other to sign.

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).

While the closing process may vary from state-to-state, some things remain constant. As part of the sale of your home, you and the buyer will agree to a closing date:

1. The title of the property is transferred from the seller to buyer.
2. The buyer receives the keys to the home or the deed to the land.
3. The seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs.
4. All legal papers are filed with the local record office.

It's important for both the seller and the buyer to take a final walk through the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.

Need advice for the closing procedures on your North Central Ohio home? Contact Haring Realty. We’d love to help.