What is the Closing Process?
When homebuyers are approved to purchase a property, they are bombarded with a great deal of information and must make some very important decisions as part of the closing process. One critical decision is determining who will handle the financial aspects of their real estate transaction to ensure all parties are properly allocated their portion of the costs and receive accurate cash proceeds. What sounds like a simple accounting process, however, can be immensely complicated depending on the state, the type of real estate transaction and the potential issues that must be resolved before closing can occur. Not only must this assigned third party handle and manage potentially large sums of money on behalf of the parties to the transaction, but they must also make sure every detail of the closing is correct and accurately reflects the intention of each participant.
