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What happens at a Real Estate Closing?
What happens at a real estate settlement? A settlement, or real estate closing, is where a real estate transaction is completed. During the closing, you will sign all needed documentation, which may include a mortgage, note, and deed, as well as other instruments. Your title company ensures that all of the Terms and Conditions of both the Agreement of Sale and Lender's Instructions have been complied with as they relate to the real estate closing. The financial accounting is completed, the settlement officer prepares a HUD-1 Settlement Statement that shows the financial accounting for the transaction, and monies are disbursed to the appropriate parties.
Do I need to attend the real estate closing? Sometimes it's not possible for a party to attend the real estate closing. In that case, a Power of Attorney document must be prepared and approved prior to the real estate closing. The original Power of Attorney document must be brought to closing and will be recorded with the other mortgage documents or deed.
Who attends the real estate closing? The buyers and sellers (if it is a purchase transaction) and their respective attorneys and real estate agents. A settlement officer from your title company will conduct the transaction, and the lender may send a representative. For refinance transactions, generally only the borrower and the settlement officer attend.
What should I bring with me to a real estate closing? You should bring the following (in the USA): A photo-ID - a driver's license, passport, or other
government-issued form of photo
identification Funds to close - if required, you need to bring a
certified check, cashier's check,
or money order Home owner's insurance information Any other documentation required by either your lender
(per your commitment letter) or that
your title company has notified you to
bring prior to closing How long does a real estate closing usually take? Most purchase transactions take approximately one hour, but the length can vary depending on the specifics or the transaction. Most refinance transactions can be completed in approximately 45 minutes. |
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