The Closing Process

The experienced attorneys at Penner Law Firm, LLC have been helping clients with their real estate transactions for years. To assist our clients with the closing process, we have put together a small yet concise account the closing process.

The "closing" is the actual purchase and sale of the property, where the transfer of title will occur. It is common for the real estate agents involved in the transaction to also attend the closing. The closing will often be held in the office of either the buyer's or seller's attorney. On occasion, the closing may occur at the lender's or lender's attorney's office, or at one of the real estate agents' office.

At closing, the seller must sign the deed transferring title to the buyer. The seller must also sign an affidavit disclosing whether any repair or construction work has been done on the property, whether the seller knows of any disputes over the location of the boundary lines, or whether the seller knows of any potential defects to title on the property. On the other side, the buyer must sign all of the mortgage documents, including the mortgage note and deed, provided by the lender. In addition, at the time of the closing the buyer will be required to produce the balance of the purchase price, that amount which is not covered by the mortgage money being borrowed. These funds are typically accepted in the form of a bank or certified check.

At the end of the closing, both the buyer and seller will sign a HUD-1 Settlement Statement, disclosing all of the financial aspects of the transaction. Copies of the HUD-1 will be provided by the closing attorneys for all parties, and will be submitted to the buyer's lender after closing as part of the lender's closing package. The buyer's attorney will disburse the funds from the lender along with funds from the buyer. After this exchange of funds occurs the transfer of title will be complete.

Buying a home is typically one of the largest investments in an individual's lifetime. Here at Penner Law Firm, LLC we understand the anxiety this situation may produce and seek to ensure that the process is as smooth and worry-free as possible. The process of buying or selling a home is not a transaction that should be trusted to anyone but the most experienced real estate attorney. At Penner Law Firm, LLC our real estate attorneys have handled thousands, of closings. The attorneys at Penner Law Firm, LLC are committed to excellence and providing a high quality of service to all of our clients.

Contact Penner Law Firm today to schedule a free initial consultation with our experienced real estate attorneys. Let Penner Law Firm, LLC help you make your purchase, sale, or refinance a success!

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