Common Questions to Ask During a Real Estate Closing

People bought roughly 644,000 new homes in the United States in 2022

A real estate closing is an exciting and momentous occasion that marks the final step in buying or selling a house. The closing process is often the culmination of weeks or even months of preparation, negotiation, and paperwork.

Whether buying a house or selling a home, it’s essential to understand the closing process. Read on for a complete guide to what you should ask on closing day!

What Is the Timeline for the Closing Process?

Knowing the timeline for the closing process is crucial for both buyers and sellers. This will help you plan for the final steps of the transaction. These steps include the transfer of funds, the signing of the closing documents, and the handover of the keys.

Understanding the closing timeline well in advance will ensure that you have everything in order and that the closing process goes smoothly.

What Are the Closing Costs?

Closing costs are the fees and expenses associated with the closing process. Possible prices include title searches, appraisal fees, and attorney fees.

Get a rough estimate of the closing costs and who is responsible for paying them. Generally, buyers are responsible for most closing costs, although sellers may also have to contribute in some cases.

Who Will Attend the Closing?

Buyers and sellers should both know who will attend the closing. The closing usually involves:

• The buyer.
• The seller.
• The real estate agents for both parties.
• Representatives from the title company.

In some cases, real estate attorneys may also be present to ensure that the closing process happens correctly.

What Documents Will I Need to Sign?

The closing process involves signing several essential documents, including the purchase and sale agreement, mortgage, and title transfer documents. Before closing, figure out what documents you must sign and what they entail.

Be sure to ask your real estate agent or attorney if you have any questions about the documents you will be signing.

What Happens if the Market Changes Before Closing?

The real estate market is subject to fluctuations, and conditions may change between the time you agree to buy or sell a house and the closing date.

If the market changes before the closing date, establish how this may impact the transaction. For example, the property’s value may decrease if the market takes a downturn, resulting in a lower sales price.

Legal Consultation for Real Estate Closing

A real estate closing is an important event that requires careful planning and preparation. Asking the right questions during the closing process will help ensure a smooth and successful transaction.

Whether buying a house or selling, know what questions to ask ahead of time.

Townes + Woods P.C. have over 40 years of experience in real estate law.

 Contact us to learn more about our Real Estate services!