The world of real estate is so large and important because real estate is so important to the American way of life. Homes offer a foundation for the living. Homes offer a place to eat, sleep, or just create memories. Homes historically appreciate in value and are a sound monetary investment as well. The process of owning a home is often complex and complicated, taking knowledge, experience, persistence and desire. Because homes are such a life changing event and hold so much value, the last thing a home owner would ever want to happen is for the transaction of the possession from seller to buyer to really not go through and to be a faulty transaction. For the reason of having a true transfer of home ownership, the closing process becomes paramount.

The number one thing that can bring comfort to a buyer is the paper trail of home transfers. Usually a city or local court will rove to be professional at keeping and possessing the history of most homes in their district. Some districts have the trail or records of a home build hundreds of years in the past being transferred from one buyer to the next. When a home closes a record of the official transfer will be sent to the local city courts as conformation that the transaction took place.

The real beauty of the “transaction” process is the way in which many different groups with different purposes, jobs, and expertise can come into one setting to make sure a transaction goes according to law and tradition. For example, the fear that the transaction will not be official and that a home will be taken because of a glitch in the title is put to rest by the buyer being able to buy title insurance. Title insurance guarantees that if some future event occurs where there is something wrong with the written language of the title or some other important document, the title company will take care of the problem. Also at this time of closing, all the many closing fees and costs must be paid, the transfer taxes must be paid, and also the adjustments. When closing, the two parties will either work together in the same room or separately, but both will work with a closing agent. The closing agent will make sure that a proper transfer of property takes place.

After the transactions, closing fees, adjustments, taxes, etc. are paid and the closing agent puts all the paperwork together, the two parties will participate in a part called “settlement.” Settlement is simply the final moment when the transaction papers are signed and the property is officially the buyers. After the settlement is finished, the property now is entirely in the buyers hands, given, of course, that no problems arise with payment of all the interests. For example, the government will want their taxes, the lender will want to make sure the government knows about the loan, and the buyer will want to see the title in their own name. The last point of interest is to mention that one should not settle without taking one last walk through. The last walk through will ensure that all was left in proper order.

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Category: Real Estate
Keywords: homes, real estate, buying a home, selling a home, realtor, realtors, loan, mortgage, foreclosure, s