The real estate closing is a meeting both parties have with their lawyers in which documents are signed so that the property is transferred from buyer to seller. At this time the buyer will pay the balance owing between the mortgage and the purchase price. This money will sit in the law firms trust account until the title is transferred to the buyer.
All paperwork will have been prepared by lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property.
Closing is also the time when "adjustments" will be made. For instance, suppose you've pre-paid taxes four months in advance. In this case, the buyer will compensate you for the prepayment. It could also work in reverse. If you are behind on property taxes, the money due to you at settlement will be adjusted by the amount of the unpaid taxes.
Tips for Your Move
Whether you have moved once or a dozen times, it never seems to get any easier. Here are some hints that we hope you will find helpful as you prepare for moving day.
- The possession date will have been agreed upon in the accepted Offer to Purchase.
- Start planning early. From the moment you decide to put your home up for sale, start sorting through your current possessions. Toss (or give away, sell at a yard sale or online) anything that you don't want to take with you.
- Make a list of important items you will need to buy for your new house, such as drapes, blinds, shower curtains, etc. Having these things with you on the day you move helps you settle in more comfortably.
- Start packing early. Anything that you are sure you will not be using before moving day should get boxed.
TIP: Organize like items together and mark every box and carton. This makes it easier if you find you need an item before you move, and much simpler after you move. Unpacking tends to be a gradual process--this simple step will help you find the items you need when you need them.
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