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Demystifying the Closing Process

Today we are discussing the closing process and the steps involved in it. 

Once a home is under contract, the closing process can begin. Common questions that arise from clients are “Why does this take so long?”, “What does the lawyer really do anyway?”, and “If I’m selling my house, why does anyone need my new address?” 

To answer these questions, we are going to take a look at a simple overview of the steps in the closing process. 

So, what happens once a contract is written?

  1. CONTRACT REVIEW
    1. Dates for closing, due diligence, termination, etc
    2. Any contingencies or other items included in sale
    3. Which side pays for taxes, HOA docs, recording costs.
  1. INFORMATION GATHERING
    1. Names, dates, SSN’s, addresses, and other information necessary to complete the transaction
  1. BALANCING
    1. Every payment, bank fee, invoice, and tax must be accounted for down to the penny and matched with the lender.
  1. TITLE REVIEW
    1. Discovering any defects in the property
    2. Which individuals, entities, or banks have an interest or claim to the property
    3. Fixing any problems
  1. CLOSING TABLE
    1. In South Carolina, the closing agent has to be an attorney. 
    2. Coordinate document signing for all parties involved and make sure both parties have met terms of purchase agreement.
  1. DISBURSEMENT
    1. Making the payments to everyone involved in the sale, from mortgage payoffs to agent commissions.
  1. RECORDING OF DEEDS, MORTGAGES, AND OTHER DOCUMENTS TO BE MAINTAINED AS PUBLIC RECORD.

If you have any questions regarding the closing process or any real estate questions, give me a call! My team and I are on standby 7 days a week, 9am to 8pm, ready to help you take the smoother road to sold. 

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