What is closing?
Closing is a time that is set between a buyer and seller to legally transfer the property and funds associate with the sale of a home. Every state handles the closing process differently. Some states do escrow closings and the closing paperwork is done when you purchase the home. Possession of the property usually takes place immediately after the closing.
Closing or “settlement” is the completion of the real estate transaction. During the closing, both the legal and financial components of the transaction are finalized, the legal documents are signed and delivered and the financial accounting between the parties is completed. 5Top How long does settlement take? Typically settlement takes less than one hour for a sale (2 parties) and 30 minutes for a refinance. 5Top Who attend the settlement? If the settlement involves a transfer of ownership (a typical sale), the buyers(s), seller(s), their respective attorneys and real estate agents will attend. The lender does not usually attend and forwards their documentation and instructions to the title company. WLT provides the Settlement Officer. If the settlement is a refinance, the buyer(s) and WLT Settlement Officer are in attendance. It is preferred that the buyer(s) and seller(s) attend personally.
