A real estate transaction is generally long and stressful, and it involves many procedural steps and compliance formalities. The closing is when you sign the final papers that legally make you the owner of the house or property. However, between initiation and closing, there are several things that you have to be mindful of. Here are a few of the steps that must be taken before any closing process:
Escrow Opening
The moment your offer is accepted and a down payment is made, an unbiased third party holds the funds in an escrow account on behalf of both the seller and buyer. Once the terms and conditions of the agreement are fulfilled the funds are released.
Title search and title insurance
Title search is conducted, and title insurance is obtained, to prevent the property from any future claim. The title search examines the public records to find any claim on the property and to determine legal ownership. If any issue is found it must be resolved prior to the sale. Title insurance protects the buyer from any financial loss occurring after the sale due to encumbrances, liens or defects in title ownership not previously discovered during the title search.
Accepting documents and signing them
Once the title agent and real estate attorney have verified all the legal documents related to the property, the documents are ready for signature. The closing date is set and the property changes hands. It is highly recommended you hire a real estate attorney Boca Raton, to ensure that you have a smooth closing process. An attorney can help you throughout and will ensure that you’ll have a secure transaction.
