Buying a home is an exciting experience. Whether Ohio residents are buying their first home or are upgrading from a starter home, it is important to understand the real estate closing process. Even if parties have gone through a closing before, it may have been years or even decades since then, so a refresher is useful.
The closing day is often the most exciting part of the homebuying process because it is the day that the buyer finally receives the keys to the property — if everything goes correctly. At this time, the buyer will present the funds necessary to cover closing costs, which can include the various fees associated with obtaining a mortgage loan and completing the transaction. In some cases, sellers will agree to pay closing costs if buyers negotiate for that contingency, but it is not always a guarantee.
During the meeting, the buyers, their real estate agent, the seller, his or her agent, and an attorney for each party to the contract will likely be present. Buyers will need to sign various documents and can expect to sign or initial dozens of times before the process is complete. Because these documents are of a legal nature, it is important that the buyers understand what they are signing before simply putting their names on the dotted line.
In order to understand closing documents, Ohio homebuyers may want to enlist legal help. Real estate attorneys can help with various parts of the process, including explaining closing documents, and can be present at closing to represent the buyer and offer advice should any issues arise. No one wants anything to go wrong at the last minute, and having the right help could make a considerable difference.
