Understanding The Closing Process
When either buying a house in Syracuse NY or selling a house in Syracuse Ny, you will have to complete that process with a closing. Once your offer has been accepeted, your inspection completed and your financing is in order you will then have to attend the settlement or closing. The closing process when you buy a Syracuse Ny Home or sell a Syracuse Ny home is not very difficult but the more you understand about the process the easier it will be on you.
If your -TEAM- of realtors have been providing you with good service throughout your selling your Syracuse home or buying your Syracuse home, you should be well prepared for the settlement.
1) Title Search- The title search is run prior to going to the closing table. This ensures that the seller of the property has clear title to the property, that there are no liens/judgments on the property as well as other information that is important to the closing.
2) Survey- This goes along with the Title Search. If the seller has the survey he will be required to give it to the title company for review for closing.
3) Preperation for the sale of your Syracuse Ny Home - A buyer's attorney begins preparing the paperwork for changing the title / deed and will prepare title insurance, and a final closing date is scheduled on or around the date indicated in the contract.
- If you are buying the property you will be required to be bring the total discussed amount needed to close to the closing table.
4)Final Walk Through- A Final walkthrough will be performed prior to the closing to ensure that the property is in the same condition as when the process began.
5)Closing Table- At the Closing table, the buyer (and seller) sign all closing documents, including the HUD-1, and the final loan documents.
6) Downpayment- The buyer pays the remaining funds in their downpayment to an attorney or a representative of the title company (who is present at closing) via cashier's check
7) Record- The representative from the title company or your attorney will then record the transaction and deed with the appropriate municipality.
8) Keys- Buyer recieves the keys and is granted ownership to the property.
The closing process, for the most part is fairly simple. As with anything, eductate yourself on the process prior to going to the closing table. Be sure that you are prepared with everything needed to make this process go as smooth as possible. Make sure you communicate with your realtors and title company throughout the process.