Getting an accepted offer on a home is huge – closing on the home is even bigger. Learn about what exactly a buyer should expect during closing and tips to make sure it is successful.
Closing is the process in which the home’s title is legally transferred from seller to buyer, and payment is transferred to the seller. For the seller — it’s also the time that they’ll pay off any remaining home loans, taxes, as well as anyone involved in selling the house.
On closing day the buyer will need to bring:
The buyer will not have access to the property until the seller’s title company receives the money, which may be hours and in some cases the day after closing. It is best practice to not schedule any movers, etc. until the following business day.
Once the REALTOR® hears that funding has happened, the home is officially property of the buyer! We encourage the buyer to go over and change the locks as soon as they’ve been notified the funding has gone through.
The buyer and seller have the option to close at different times, even closing with different title companies. At the closing it will be the buyer, the title company rep, often the lender will attend, and your Hermann London agent will generally attend.
All the paperwork required at closing will already be prepared upon arrival. The REALTORS®, the title company, and lenders do the heavy lifting in advance. After the funds have been transferred and both parties have signed the paperwork, the buyer’s agent will get the buyer access to the keys (and probably try to snap a selfie).