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What happens at a real estate closing?

On Behalf of | Jul 6, 2023 | Firm News

Purchasing a home in Indiana is a complex process, involving many steps and a lot of paperwork.

Whether you are purchasing your first home or have prior experience with buying and selling real estate, the final step in the process is usually the closing.

Signing documents

The closing process involves signing many different documents and confirming that all necessary pre-closing steps have been completed. These steps typically include securing a mortgage, having any appraisals done and doing a final walkthrough of the home.

The documents you sign at your closing involve agreements between you and your mortgage lender and between you and the seller. It is important to read all these documents carefully and make sure you understand everything in them before signing.

Paying closing costs

In addition to signing documents at your closing, you will need to pay any outstanding closing costs and escrow fees.

You should ask your real estate agent or attorney what documents you will need to bring to the closing. You usually need to bring a form of identification, proof of homeowners insurance and a certified check for any costs you will be paying at the closing.

When the process is done and all documents are signed, you receive the keys to your new home.

Closing timelines

The time from when your offer on a home is accepted and you close on a house varies depending on the circumstances. There is no way to predict exactly how long yours will take, but the average time is one or two months.

When you get to closing day, the closing process can often be finished within an hour or so, although again, this might depend on your specific situation.

A home is a major purchase. For many people, it is the biggest financial transaction they will ever make. Real estate attorneys can answer your questions and guide you through each step of the process, from offer until closing.

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