A real estate closing is more of a process than a step in the buying process.  A “closing” can also be called “escrow”, “completion” or “settlement”.  This is the last bit of work in home buying process.

The seller and the buyer have agreed on a deal and now the closing process starts.  You must first put money into an escrow account.  A third neutral party will handle the escrow account money to protect the buyer and the seller.  Then a whole list of things needs to happen:

  • A title search needs to be conducted.
  • Insurance for the new owner needs to be purchased.
  • A closing agent needs to be obtained.
  • A home inspection needs to be performed.  At this time if any issues a rise a new agreement must be reached by both parties.
  • On the date of closing you will sign all paperwork and transfer ownership.

There are at least 12 steps in the home “closing” process.

Buyers Closing Responsibility:

  • 1Bring a photo ID
  • 2Bring a Cashier’s Check or Purchase Funds.
  • 3Bring Proof of Insurance for the New Property

By getting pre-approved for a mortgage early in the home buying process, buyers can assure sellers that they can indeed obtain a mortgage loan from their lender in time for closing.