What is the closing day?

Real estate concept. Realtor is passing keys to the client sitting behind desk with contract on blurred background.

Buying or selling a home can sometimes be a long and stressful process so many people can’t wait for it to be over. The last day, the day that everyone involved looks forward to, is closing day. This is when the real estate transaction is finalized. The seller gets to finally hand over the keys of the house to the buyer, closing costs are paid, and everyone can go their separate ways and move on with their lives.

The buyer generally has more to do on the day of closing than the seller does. In fact, the seller doesn’t need to be at the closing meeting even though it is recommended. They can just go to their real estate agent’s office a few days before closing day to hand over the keys to the house and sign the required documents.

The buyer, however, has a few other things to do that day. They will have to go to the property for a walkthrough so they can do a final inspection of the house in order to verify that everything is still in the condition that it was in when they made the decision to purchase the home. Only after doing the final inspection can they proceed to the paperwork portion of the day. They will have to sign the bill of sale and any other paperwork that may be associated with purchasing the home. In addition, the buyer will have to write a check for the closing costs that may include the realtor’s fees and the attorney’s fees. Your real estate agent will tell you what you can expect to happen on the day of closing for your particular situation.

If you require experienced legal representation for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.