After days of search you are now all set to buy your dream house. The last step in the entire process of buying house is the closing. In the closing the buyer and the seller meet together to sign all the documents related to the sale of the house and the ownership of the house is transferred to the new owner.

Normally as a buyer you already know what the agreement is all about but it is better to inspect the house one last time before you go for the closing. For example you should be sure that the repairs which at the time of home inspection earlier you have pointed out are complete and also see that all the items like the appliances and furniture that you wanted to retain in the house were there.  It is just to ensure that the seller has completed his assigned responsibility.

The closing meeting will also include the real estate agents of the seller and the buyer, buyer’s property attorney, lender’s attorney and representatives of the title company. In closing the seller and buyer have to sign few legal documents. The seller formally transfers the house ownership to the buyer by signing the deed and the buyer pays the amount already mentioned in the deed.

The seller also hands over other significant documents of the house like the insurance paper, title evidence, property tax receipts and so on. Also the buyer pays the seller for any extra expenditure that has been formerly decided upon for example any furniture or appliances that you want to retain in the house, any prepaid real estate taxes that has been paid by the seller and even for the repairs that the seller was asked to do by the buyer.

In addition to that the buyer also pays for the title insurance. As a buyer you must take the services of the title company for the “title search” of the property that you intend to buy. The title company searches all the public and real estate records of the property in the county or the town and provides you information about any latest legal dispute on the property and any fine on the house for non payment of the taxes. As a buyer you will know if the property title is clean and if there is any tax due on the property so that you do not have any legal problems later. Moreover this title insurance will cover you from any title dispute with the third party in the future.

The escrow is the third party attached in the closing. The entire deal is done through escrow and the title company till the concerned parties completes their responsibilities. It actually protects the interest of both the seller and buyer. At closing the buyer also pays service fees to the real estate agent. All the legal procedure is performed and recorded. And the buyer finally gets the home keys and becomes the new home owner of the property legally.

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