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\n <\/div>\n \n Step one: Talk to an expert!<\/h3>\n
Selling your house soon? Connect with a top agent near you to get an expert opinion on how much your house will sell for, what to fix before listing, and the latest local housing market trends.<\/p>\n \n
The buyer of your house<\/h3>\n
Without this person, you would not have a sale at all. At closing, a buyer is responsible for signing major documents including:<\/p>\n
- \n
- The deed (transferring the property from seller to buyer)<\/li>\n
- The bill of sale (list of property to be transferred)<\/li>\n
- Affidavit of title (confirms property ownership and confirms any known title defects)
\nTransfer tax declarations (disclosure of purchase price and calculation of tax).<\/li>\n<\/ul>\nThe buyer typically pays closing costs between 2% and 5% of the total home sale, and these include attorney fees, credit report fees, inspection fees, loan origination fees, survey fees, escrow deposits, and underwriting fees.<\/p>\n
Seller of the house (but only sometimes!)<\/h3>\n
That\u2019s you! According to Christy Friesen<\/a>, a top-selling real estate agent in Wichita, Kansas<\/a>, some sellers need not attend the closing<\/a> depending on state and circumstance, and thus pre-sign documents including the:<\/p>\n
- \n
- Certificate of title (saying you have the right to sell the property)<\/li>\n
- Deed of sale (described above)<\/li>\n
- Loan payoff (amount still owed at closing)<\/li>\n
- Statement of closing costs (proof that you know of these ahead of time)<\/li>\n
- Statement of information (establishing your identity for the title firm).<\/li>\n<\/ul>\n
As for closing costs, you will get away easier than your buyer, but will still be on the hook to pay fees including title insurance premiums, transfer taxes and recording fees, prorated taxes and HOA dues, and home warranty premiums.<\/p>\n
Buyer\u2019s agent<\/h3>\n
While a buyer\u2019s agent is not required to physically attend the closing, he or she will at the very least work with the buyer when signing all documentation<\/a>. The buyer\u2019s agent will be able to answer any questions they have and allay any worries that may arise.<\/p>\n
Prior to the actual closing meeting, a buyer\u2019s agent is responsible for preparing the proper paperwork, including helping their client complete the loan package to wrap up financing in advance of the official close of sale.<\/p>\n
Seller\u2019s real estate attorney<\/h3>\n
One-quarter of home sales are delayed<\/a> due to unforeseen obstacles. That\u2019s where a real estate attorney comes in\u2014organizing the deal and standing at the ready to tackle any contractual dispute or legal issues that may come up.<\/p>\n
Additionally, a real estate attorney drafts and reviews each document line by line for accuracy. He or she will clear the title of liens and judgements, back your agent in negotiations, go over escrow documents with a fine-tooth comb, and review any fees that are incurred.<\/p>\n
Title company<\/h3>\n
The title company wears many hats throughout your home sale<\/a>: issuing insurance, overseeing escrow, and serving as closing agents.<\/p>\n
Specifically, the title company performs a title search<\/a> on your house (more important than it may seem as these issues delay more than one-tenth of home sales), issues a policy to your buyers, makes sure the title passes properly from seller to buyer, and oversees all title-related aspects of closing.<\/p>\n
![\"Insurance](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/12\/who-is-present-at-closing-agent.jpg\")
<\/a>Source: (Freedomz\/ Shutterstock)<\/figcaption><\/figure>\n Title insurance agent<\/h3>\n
Shore Title, a New Jersey-based title insurance provider for more than 30 years, outlines the role of the title insurance agent<\/a> in the closing process. The title insurance agent will begin to prepare for your closing soon after the contract is signed by requesting payoff information for existing mortgages along with information on homeowners association fees<\/a> and\/or transfer fees.<\/p>\n
The agent also works with the lender of the new mortgage obtained to purchase the property to make sure that all requirements are met. Once the title search has been performed and title commitment issued to document all problems, the agent schedules a closing meeting with all concerned parties.<\/p>\n
At that meeting, the closing documents are explained and signed by all parties. Afterward, the courthouse receives the original deed and mortgage, while the lender gets the loan package.<\/p>\n
Buyer\u2019s real estate attorney<\/h3>\n
Rincker Law, a New York- and Illinois-based firm lauded for its detail-oriented, professional approach, lays out<\/a> the role of the buyer\u2019s real estate attorney at closing to:<\/p>\n
- \n
- Communicate with the broker<\/li>\n
- Advise their client on tax consequences of the purchase<\/li>\n
- Review, draft, and negotiate the sale<\/li>\n
- Help their client get financing<\/li>\n
- Order and review a title search<\/li>\n
- Figure out zoning concerns<\/li>\n
- Make sure warranties are upheld<\/li>\n
- Attend the closing to make sure the documentation is accurate<\/li>\n<\/ul>\n
Seller\u2019s real estate agent<\/h3>\n
Your agent is tasked with facilitating the closing process and making sure that both parties have taken care of unfinished business\u2014sometimes including pre-signing documentation\u2014before coming to the table at closing.<\/p>\n
Prior to that date, agents are responsible for coordinating a variety of details: title and hazard insurance<\/a>, repairs and property condition checks, the seller\u2019s closing statement<\/a>, which will then be reviewed by both parties.<\/p>\n
Mortgage professional<\/h3>\n
As the buyer\u2019s main point of contact during the loan origination, this person is key to the closing process, which culminates when financing is complete.<\/p>\n
The mortgage professional is responsible for examining the buyer\u2019s submitted documentation and deciding whether to approve or deny the home loan. The mortgage process itself takes an estimated three months, during which the borrower submits his or her information and application, which is then reviewed, and all parties review and sign the documentation.<\/p>\n
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