What You Need to Know About the Closing of a Home

Buying a home for the first time can be incredibly stressful, especially now. The formalities of being a first-time buyer can also seem very intimidating. Even after you've found a house you love and have gone through the buying process, the closing process presents its own set of challenges. 

If you're a first-time home buyer, here are some things that might shed some light on what you're going through. 

What Does it Mean to "Close" on a Home? 

Closing on a home is the last step in the home buying process, and it's the day you become the official owner. The buyer and the seller usually set the closing date, which must be included in the purchase agreement process.

The closing phase involves evaluating and signing necessary documents by you and the seller before transferring property ownership. The real estate closing process is overseen by third-party personnel, such as an escrow agent or a real estate attorney.

Who Attends The Closing?

The real estate closing procedures can vary significantly from one state or county to another. For example, the real estate attorneys, the closing agent from the title company, the seller, and the lender might be present during the closing process. 

What Happens at the Closing of a Property?

You should expect a series of events during the closing process, from signing several documents to writing several checks. After completing these steps, the seller or property owner will transfer the property title to you. Finally, you will have to sign the necessary legal paperwork for the transfer of home ownership.

As a buyer, you will also be responsible for covering property taxes, closing expenses, and escrow costs for your homeowner's insurance. The closing agent will list you as the property's new owner under the registry department. The escrow agent will distribute agent commissions and other funds earned during the closing transaction.

What Paperwork Is Involved in the Closing of a Home?

During closing, expect to handle and sign a lot of paperwork. These documents can be overwhelming, so we encourage you to consult your real estate attorney to help explain what these documents mean. Some of the documents you should expect are:

• Loan Estimate
• Transfer Tax Declaration
• Closing Disclosure
• Escrow Statement
• Property Deed
• Mortgage Agreement
• Certificate of Occupancy

Contact Jacksonville Closing Attorneys

If you're looking for a real estate attorney to help oversee the closing of your home, look no further than Atlantic Coast Title and Escrow. Our dedicated Jacksonville closing attorneys, Maria Coutu, Christina Tatum, and Chris Carillo, will guide you from the beginning to the end of your closing process. Contact us today to get started.