What happens on the day of closing in a real estate transaction?

When a person makes the decision to buy or sell a piece of real estate, they might be facing a months-long process that can quickly become stressful. The excitement and anticipation of finalizing a transaction is something many people look forward to. It allows each party to begin a new chapter. The day the transaction is finalized is called the closing day.

Closing day is different for each side of the transaction. The seller just has to sign the paperwork and hand over the keys. The seller can do this a few days in advance if needs be. They don’t technically have to be present on the closing day at all as long as they have arranged to get everything done beforehand.

On the other hand, closing day is a little more complex but equally as exciting for the person who is purchasing the real estate. They should make sure the property is in generally the same condition as it was at the time they decided to purchase the home. It is important that the seller and their real estate agent take a final walkthrough of the home to ensure that everything is as they expected. After that is complete, they can look over the paperwork once more, sign the bill of sale, and finally, hand over the check. They may be required to pay closing costs as well as any real estate agent’s fees and real estate attorney’s fees. Finally, the buyer can be given the keys to the home and can start their new life.

If you have questions about the real estate transaction process, contact an experienced real estate attorney at Ross & Calandrillo who can provide you with assistance.