If you're coming up on closing day, the toughest part about buying your Baltimore area home is over. You've found your dream home, negotiated a purchase price and connected with the perfect mortgage lender. Now, the only thing left is closing day.
The closing process can change from state to state and even county to county. With today's modern technology, most closings are completely automated and both parties do not have to be present at the same time to sign. Closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions.
The home closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes, and any additional closing costs. All legal papers are filed with the local record office.
It is this step where the buyers and sellers do very little. It is important as the seller to take a final walk through the property to make sure the property's condition as not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.
Your Advance Realty Direct REALTOR® will be by your side throughout the closing process. Contact us if you have any questions about the home closing process in the Baltimore area. We would love to help!