The Closing Process

The closing process starts once a bound contract has been made. If you have questions about the process leading up to the closing date, please email me. I’m happy to answer any and all questions!

1. Attorneys

Step one is getting the contract to your attorney. Keep in mind that the buyer and seller might be using different attorneys/closing firms, and that’s completely okay! As your agent, once the offer(s) officially becomes a binding contract, I’ll send it over to whichever attorney we’re using for you closing, and they’ll get started on the title work.

2. Title

Step two is making sure the title of the home is “free and clear” of any liens, which is the main priority of the closing attorney. This entails getting a complete history of the home, making sure each previous sale has gone through correctly and without any flaws, and cleaning up any remaining liens that might be on the house. This could include: old mortgages that need to be paid off, HOA (Homeowner’s Association) debts that need to be paid, failure of a previous party to sign any of the documentation, or previous divorce or death that affects current ownership. Most all title issues are curable and able to be solved before we reach the closing table. This is why having a good attorney on your side is so important.

3. “The Swap”

You might hear the title companies talk about “swapping” before you can get keys to the house. Unless the buyer and seller agreed on a specific possession date in the original contract, then the buyers won’t get keys until the sellers get their money. So how exactly does this happen and how long does it take? The seller’s attorney has the signed Deed to the house, and the buyer’s attorney has the money to purchase the home. They then exchange money for possession—or “swap” with each other—and that’s when the buyer officially owns the house. Once that happens, the buyer is the official, legal owner and they can get their keys and enter the home. How long this takes depends on many factors, including your particular attorney, when the bank sent the money for your loan, and what time of day it is. In most cases, this “swap” will happen the same day you close. In rare cases, say if you sign your documents late in the day or after hours/on a weekend, you might have to wait until the next business day. That’s why it’s important for your agent to thoroughly know the closing process and keep you informed.