When buying a residential real estate property in New York City or a surrounding area, there are many steps you must take to ensure that things progress as intended. If everything goes as planned, there will soon come a time when closing on the property is the last step in the process.
Closing procedures differ from one area to the next, so the way you purchase a residential property in one region may not be exactly the same as another. That being said, there are general rules that apply regardless of where your closing is taking place.
In addition to yourself, there are a variety of parties that will be involved with a residential real estate closing, including but not always limited to the following:
-- Closing agent, which can be somebody who works for the title company or lender
-- Attorney: Both sides, the buyer and the seller, have the right to bring an attorney to closing
-- Title company representative
-- Home seller
-- The realtor who sold the property
-- A representative from the lending company
As long as all the appropriate work was completed upfront, it is safe to assume that the closing process will move forward in an efficient manner. Once all documents are signed and both the buyer and seller are satisfied, the closing comes to an end.
There is a lot that goes into a residential real estate transaction, from making an offer to inspecting the house to closing. This is why many buyers consider professional help, such as an attorney, an absolute must.
Source: Realtor.com, "Understanding the Closing Process" Oct. 02, 2014