The Closing Process
Spokas Real Estate Law
Attorney Review
After a contract to purchase real estate is fully executed (signed by buyers and sellers), buyers and sellers typically have five (5) business days for Attorney Review and Inspection Notices. During the Attorney Review Period, attorneys for each side propose changes to the contract, request opposing sides to make certain representations regarding the property, and negotiate over the repair and credit requests.
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The Loan
The buyers work closely with their lender completing loan applications and submitting corroborating financial information. The buyer’s lender orders an appraisal to ensure that the collateral protecting the bank’s loan is valued at or above the purchase price.
Title Commitment & HOA Documents
The seller’s attorney orders title and produces a title commitment along with corresponding documents to buyer’s attorney. The buyer’s attorney reviews the title commitment for liens, mortgages, and other encumbrances affecting the property. If the property belongs to a homeowner’s association (HOA) or a planned unit development (PUD), the seller tenders bylaws, rules and regulations, and other corresponding documents.
The Closing
Ahead of closing, seller’s attorney prepares the deed, bill of sale, tax declarations and other necessary closing documents. All parties submit closing figures to the title company for a preparation of the closing statement. Buyers complete a final walk-through before the closing; purchase a home insurance policy; and wire the closing funds to the title company. At closing, the buyers sign purchase documents as well as lender’s documents. Once all documents are signed and the transaction is funded, the buyer takes possession of the property.
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