The process of closing on a real estate deal can be a very frustrating experience for those who do not have the proper representation. If you are taking this final step in a Whittier real estate transaction, you will need a real estate attorney in Whittier to help guide you through the process, making it a much quicker and easier experience. Of course, knowing what is ahead can also go a long way to making a process smoother. Let’s look at what happens in the process of closing a real estate deal.
Choosing an Attorney
Perhaps the most important step in closing a real estate transaction is choosing the right real estate attorney. You will need a closing attorney who is experienced in making real estate deals and can make sure that you are protected during the entire process. When choosing a lawyer for house purchase, make sure to check his or her credentials in the real estate market. An attorney with the right credentials should also have the knowledge and experience to guide you through the real estate conveyance process.
Closing Date
The closing date is usually chosen during the negotiation phase of a real estate deal. In most cases, an offer to purchase the real estate will be formally accepted several weeks before the actual closing date. When the closing date arrives, both parties finalize the contract, and the seller transfers ownership of the property to the buyer. Once the deed to the property has been transferred, most jurisdictions consider the ownership to be officially transferred as well. Most places legally require a real estate attorney to be present at closing.
During closing, either the buyer or his or her bank delivers a check to the seller for the purchase price. At this point, the seller will sign the deed over to the buyer and give him or her the keys to the property if applicable. The deed is then registered by a real estate attorney at the local land registry office. Of course, all inspections should have been done by this point, and any necessary repairs, pest control, or other requirements should have been met. It is important not to take the word of the seller that these things will be done. Make sure that they are done before closing.
Closing in Whittier
Closing can be a bit different in the Eastern part of the United States, with closing held in escrow, the East states call closing a settlement. In a Western escrow settlement, a trusted party or title company will hold the money and the signed deed and arrange the transfer of property. The parties do not have to both be pre-set at the same time for this type of closing. In the East, both parties are usually present at closing. According to Wikipedia, this settlement happens on the specified closing date and time that has been agreed to by all parties. They then meet on this date at a settlement company or attorney’s office and are supervised by their closing attorneys. The closing then proceeds as described above.
