Closing on a property is inherently complicated. Even the most straightforward sales take at least a few weeks to finalize. Thankfully, a real estate law attorney will help you navigate these proceedings while protecting your best interests. Here’s what you should know about the process. 

A Guide to Real Estate Closings

What happens during the closing?

At the closing, the property is transferred from the seller to the buyer. As such, everything must be in place prior to this proceeding. The seller must have resolved any title issues, liens, or judgments, and the buyer must have secured the funds (or they must be ready and waiting in escrow).

During the appointment, you can expect to review and sign several documents, the terms of which your real estate law attorney will explain. Once all contracts have been finalized and all monies have been exchanged, ownership will be transferred. 

Do I have to attend the closing?

The parties who must participate in the closing include the buyer, the seller, and the lawyers and realtors representing them. The escrow agent, closing agent, and title insurance representative must also facilitate the proceeding; however, their respective roles may be fulfilled by a single professional. Since Connecticut currently allows remote online notarization, you don’t have to close on the property in person.

Which documents will be needed to close?

To close on the property, the buyer will have to supply identification, proof of insurance, any relevant affidavits, the inspection report, and a cashier’s check for the closing costs and down payment. The seller, on the other hand, must provide identification, a certificate of title, the deed, any applicable loan payoff documents, and the bill of sale. 

How long will it take to close?

The actual proceeding shouldn’t take more than an hour or so. The transaction—from when the offer was first accepted to when ownership transfers—could take anywhere from a few weeks to a few months. On average, it takes about 50 days to close on a property. 

For help finalizing your next real estate transaction, contact Gilbert P Kaback Attorney at Law in Colchester, CT. The knowledgeable lawyer is well-versed in real estate law. He also assists clients with family law disputes, bankruptcy filings, personal injury claims, and criminal defense. To request a consultation with this attorney, call (860) 537-0874 or reach out online.