When you’re walking into your closing, how many people do you expect to see? One? Two? You have no idea, right? We’re here to get you into the closing mood, by telling you the characters that take part in the closing scene of your real estate transaction.
- The Buyer – this is a pivotal character in your closing journey. It could be you, or you could find yourself on the other side of this transaction. Either way, you need a buyer in every real estate transaction. The buyer will generally sign the deed, the bill of sale, affidavit of title, and transfer tax declarations. The buyer also pays closing costs between 2-5% of the total home sale.
- The Seller – As mentioned above this is another pivotal role because there wouldn’t be a sale if the seller didn’t want to upgrade or downgrade their living situation. The seller isn’t always necessary at the closing, since they can pre-sign documents. The documents they sign are the certificate of sale, deed of sale, loan payoff, statement of closing costs, and statement of information.
- The Buyer’s Agent – This is another huge player in the game, as the buyer’s agent is responsible for preparing the paperwork, helping their client complete the loan documentation, and figure out financing in advance of the closing of the sale.
- The Title Company – We wear so many hats in a closing, from the title search to dealing with issuing title insurance and overseeing the escrow, as well as serving as the closing agent. We also ensure that the title of the property can seamlessly pass from the seller to the buyer.
- Real Estate Attorneys – Both the buyer and the seller can have a real estate attorney, in either role the real estate attorney reviews paperwork and ensures that you’re not signing anything undue or that could result in issues with the property or transaction in the long run.
- Mortgage Professional – This person is crucial to the closing, as this is the main point of contact for the buyer in terms of their loan origination and this person is key to the financing process until the payments are complete.
At Gables Title Group we are ready to give you a personalized approach to your real estate transaction, from “contract to closing”.
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