The Closing Process
Buying a new home should be an exciting time, but the process can often seem stressful and overwhelming. If you’ve made it to the point where you’re ready to close on a property, the good news is that your real estate-buying journey is coming to an end. The day you close on your home is indicative of new beginnings and should be celebrated as such.
Some states, such as South Carolina, require that an attorney conduct the formal closing of a house. The South Carolina Supreme Court says, “real estate and mortgage loan closings should be conducted only under the supervision of attorneys.”1 The buyer has the right to choose the attorney to conduct the closing. It is vital to hire an attorney who will understand the complicated real estate laws and numerous legal documents associated with closing a home. Similarly, the seller has the right to hire an attorney to prepare and review documents on his or her behalf.
In addition to an attorney, several other people may be present at the closing:2
- the buyer
- a real estate agent
- the seller
- the lender
The actual date of the closing is agreed upon beforehand by the involved parties and specified in the sales contract. The closing usually takes place in an office setting where the attorney can preside over the meeting. The buyer will need to bring proof of government-issued identification, such as a driver’s license or passport, and should come prepared to take care of paying the closing costs. Unless contracted otherwise, the seller is generally responsible for realtor fees.
What papers can you plan on signing at the closing? You can expect to sign documents including a closing disclosure, ALTA settlement statement, mortgage, note, and a plethora of other documents included in your lender’s closing package.4 Having an experienced attorney present at the closing allows you to voice questions and receive explanations about the documents or the closing in general.
Choosing the right attorney for your closing process can relieve stress and provide you with peace of mind. Contact one of the knowledgeable attorneys at Bannister, Wyatt & Stalvey, LLC to help guide you through your real estate journey today.
References:
- https://www.cga.ct.gov/2009/rpt/2009-R-0448.htm
- https://www.consumerfinance.gov/ask-cfpb/what-is-a-mortgage-closing-what-happens-at-the-closing-en-176/
- https://www.scbar.org/public/get-legal-help/common-legal-topics/buying-and-selling-real-estate/
- https://www.bankrate.com/finance/mortgages/understanding-the-closing-process-1.aspx
