Whenever you shop for a house, most real estate agents refer to a term called ‘closing’. What exactly does this term mean? This happens when the papers are signed by you after which the house becomes yours. However before you reach this stage, there is whole lot of things that you need to do. This article walks you through the entire process from the time you accept the offer to the time you get the keys in your hands.
- Open Escrow
Escrow refers to an account that a third party holds on behalf of both the parties in a specific transaction. Since there are plenty of things that need to be accomplished for a home sale completion, in order to keep both the seller and the buyer from getting a major rip off, you can have a neutral third party to preserve all the documents and money related to your transaction until all the formalities are justified and settled.
- Obtain Title Insurance by Conducting a Title Search
You can be legally safeguarded if you obtain title insurance so that nobody else claims your property to be theirs after you buy a property. It could be an unpaid tax collector or a snubbed relative who was not left any share in the will. A title search is performed by the title officer in order to ensure that the title has no clouds over it. In case there are any issues, it is important that you resolve these problems prior to owning the property.
- Get an Attorney
If you want a legal opinionon your closing documents from a professional, getting an attorney is an optional step. It is not possible even for well educated people to understand their closing documents completely. Therefore, it is important to get an attorney go through all the documents as he will definitely identify potential problems, if any, enabling you to get them fixed at the earliest. If you’re in Orlando, you can contact an agent who is part of the Orlando real estate business.