Home sale closing refers to the final step in executing a real estate transaction. The closing date is actually set during the negotiation phase and is usually several weeks after the offer is formally accepted. This is the date when you transfer the ownership of the property to the buyer. The lender bank that provides a mortgage loan will often require a title search, title insurance, appraisal, land survey, and attorney to be involved. If you are from the Myrtle Beach area and want to sell your Myrtle Beach real estate or North Myrtle Beach real estate, you can contact us without any hesitation because we are the true native of this locality and the real estate pro. Just click here: www.boydteam.comgenerally, several things happen during the closing period such as:
Generally, the buyer or the lender will deliver a check for the balance owed on the purchase price. A cashier’s check or wire transfer is the common practice in The US.
Signing the deed and record-keeping:
You need to signs the deed over to the buyer and give it to the buyer. A recorder's office, which would record the deed, commonly requires your signature to be notarized. If applicable, a mortgage will also be recorded. In jurisdictions that use the Torrens title system.
Shifting the ownership:
Generally, at this stage, you would deliver the possession of your property to the buyer, typically by giving the keys for buildings or apartments. Unless otherwise specified in the purchase contract, delivery of the possession should be at the closing.
Hiring a title company, notary, and lawyer:
Now that you have transferred the possession, it’s time to register the new deed with a title company, notary, lawyer or the buyer. You or the buyer will declare and file the statement of the purchase price to the government. Conveyancing taxes and the recorder’s fees will have to be paid, which is the part of the closing cost.
Receiving a check or bank transfer:
After that, you receive a check or bank transfer from the buyer for the proceeds of the sale. And for the funds allotted for the closing, prepayments of real estate taxes and insurance may be required, and fees charged by other parties may be paid such as real estate brokers, title companies, lawyers, etc.
In some cases, you can close in escrow. In this process, a title company or other trusted party holds the money and the signed deed, and arrange for the transfer primarily, so that you can give up the ownership, and the buyers can handover the payment, without both parties having to be present at the closing at the same time. Escrow ensures an orderly transaction, or if something goes wrong, an orderly termination of the agreement.
The settlement process:
Or, in the other cases, the settlement process takes place on a specified date and time during which you and the buyer meet at a settlement company, and which is presided over or supervised by a lawyer or a settlement agent. At that time the settlement agent disburses all funds listed on the settlement statement and the property conveyance takes place. The deed is then recorded by the settlement company.
That is all about your closing process. If you are selling a home at Myrtle Beach real estate, remember that we are the true native here and speak the perfect language of the real estate world. Don’t forget to click this link: www.boydteam.com