As a Kalamazoo are real estate agent, I’ve found that one of the biggest questions my clients have is: “What really happens at closing?”

In this article, I’ll take you step by step through what really happens in the closing process. By the end of this article, the closing process should no longer be a mystery to you.

The Closing

The closing is when the seller, the buyer and all other parties involve meet to finalize all the documents in the sale. The seller signs the deed of the house over to the buyer and the buyer pays the price agreed in the contract.

Documentation
The seller also provides any other documentation necessary to the buyer. This can include insurance papers, appliance warranties, evidence of title, inspection reports (including any needed repairs) and so on.

Title Insurance
Title insurance is also paid at closing. Title insurance is an insurance that assures your title is clean. You pay to have a public records search conducted and once you get a clean bill of approval, the title is considered clean. If any contradictory records come up later, you are covered by title insurance.

Escrow
Often times closing is done through escrow with a title company. Closing through escrow means that the sale is done through a third party that has no financial interest in the sale.  This helps assure the safety of both parties by having the third party sign off on the sale once both sides have fulfilled their respective responsibilities.

Mortgage Documents

You will sign your mortgage at closing.  Actually this is often what takes the longest time to complete.  Many lenders will have "loan packages" consisting of 25 or more documents for you to sign.  So loosen up that wrist and get ready to sign your name 25 times or so.

At the End of Closing
Several other things also happen during the closing process:  Commissions for real estate agents are also paid during closing.  The buyer receives the keys to the home  Legal documents are recorded. This is the final step to the closing process.

If you’re thinking of buying or selling Kalamazoo real estate, talking with a qualified and experienced real estate agent can help you save thousands of dollars and weeks of time. If you’re not already working with an agent you’re satisfied with, feel free to give me a call at 269 760-1558 or send me an email at JoelNelson@KW.com for a free consultation.

There is a lot of free information available to you about buying, selling or investing in Kalamazoo real estate.  For complete information about the Kalamazoo MI real estate market including Kalamazoo homes for sale, property values and more, please visit the most complete website dedicated to everything Kalamazoo real estate.  See for yourself, visit http://HomesofSWMichigan.com

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You may specify in the comments box if you have a particular interest in Kalamazoo foreclosures, or Kalamazoo HUD homes for sale. 

If you or someone you know are in need of a competent and caring Kalamazoo real estate professional in or near Kalamazoo MI, I hope you will contact me.

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 Tags: Kalamazoo Real Estate, Kalamazoo homes, homes for sale Kalamazoo, Joel Nelson Realtor

Article's Author

Joel Nelson
Keller Williams Realty - Kalamazoo
Kalamazoo, MI

Contact Joel Nelson