The Closing Process for your Lakeland Fl Home

March 28th, 2013 16:18

Closing Process

Wouldn’t it be great if buying a Lakeland Fl home could be as easy as buying a new TV, just go to the shop, pick the model you like, and pay for it at the register? Unfortunately, real estate transactions aren’t that simple. The complex process of buying or selling a Lakeland Fl home involves many players including the buyer, seller, real estate agents, attorneys, lenders, appraisers, inspectors, and sometimes contractors. Add to that, a real estate transaction takes generally around 30-45 days to close. Right after a buyer finds the right home and makes an offer to the seller, the closing process begins. The closing process starts with the seller’s acceptance of the buyer’s offer which is prepared by the parties themselves, the Lakeland Fl real estate agent, or sometimes, an attorney. The process may vary from state to state but usually includes an initial offer or letter of intent from the buyer. Afterwards, a series of negotiations will follow. Once both parties reach an agreement, all the details are placed in a written form which both parties sign. Once the offer is accepted, it is placed with an escrow company along with an earnest money deposit also known as a good faith deposit, which is a depository for legal documents. An escrow company also acts as a notary and a closing agent to process the signatures and money involved from all parties in the deal. Escrow companies are neutral third parties and do not represent any party included in the sale. In some states, it is customary for an attorney to act as the closing agent who prepares the documents for closing. Before the closing, all of the conditions or contingencies of the sale must be met. One of the most common contingencies is the buyer’s ability to acquire a new mortgage. This is the longest part of the transaction since the lender would have to conduct credit report checks, employment verification, financial statement reviews, and home appraisals. While the documents are in escrow, a preliminary title report is done by a title company. After the preliminary report is approved, all the parties can sign all the necessary documents. Some states require all parties to be present and sign documents at the same time and place while in some states, it is customary to have the parties sign independently. After all the documents are signed, notarized copies will be sent to the lender, so the funds can be released. The sale is then recorded at the local clerk of courts office. Authored by Petra Norris


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