Whether you’re a first-time homebuyer or buying your second property, understanding the closing process is crucial. Real estate law can be complex, and it's essential to be prepared for the various steps involved in closing on a home purchase. The following guide takes a closer look at the process and how to prepare for it. 

What Is a Real Estate Closing? 

A real estate closing is the final step in the home-buying process where the seller transfers ownership of the property to the buyer. During this process, the buyer signs the mortgage and other loan documents and pays the remaining balance of the purchase price. The seller transfers the title to the property, and the buyer receives the keys to their new home. Generally, it takes about 47 days to close on a house. 

How to Prepare 

There are several steps involved when it comes to closing, and knowing what those are can help you get a head start. The following list outlines some of the moving pieces entailed in this stage of the real estate transaction: 

Open an Escrow Account 

An escrow account is an account that holds funds until all the conditions of the real estate transaction are met. The buyer and seller agree on an escrow agent who will hold the funds until the closing is complete. 

Conduct a Title Search 

A title search is a vital step in the real estate closing process. It ensures that there are no liens or other issues with the property's title that could cause problems for the buyer later on. 

Negotiate Closing Costs 

Closing costs are the fees associated with closing the sale of the property. These costs typically include fees for the title search, appraisal, home inspection, and other expenses. Buyers may be able to negotiate with the seller to cover some or all of these costs. 

Hire a Real Estate Attorney 

An attorney is well-versed in real estate law and can help ensure all legal requirements are met during the closing process. They can also review all the documents and contracts and provide legal advice to the buyer. 

Do a Home Inspection 

A home inspection is a crucial step in the home-buying process. It helps the buyer identify any potential issues with the property before closing, allowing them to address these issues with the seller before finalizing the sale. 

If you're planning to buy a home and need assistance with the closing process, turn to Riley, Resar & Associates, P.L.L. in Lorain, OH. Their team of experienced attorneys can help you navigate the complexities of real estate law and ensure a smooth transaction. They offer reliable legal counsel, so you can make informed decisions. Call them at (440) 244-5214 to schedule a consultation or visit their website for more information.