Once the contingencies of the purchase contract have been satisfied and the borrower’s loan is approved, the closing documents are prepared to finalize the deal. The parties then agree on a time and date to finish the transaction. At the closing, documents are signed, monies collected and all items are disbursed. The seller gets any proceeds and the buyer gets title to the property (and usually the keys!).
“Closing Costs” is a catch-all term that refers to the expenses involved in closing a real estate transaction. These costs are determined by the contracts between the parties, applicable laws and local customs. The following explanation of “closing costs” is based upon our sample Real Estate Purchase Contract.
The time it takes to get to a closing of a real estate transaction is largely determined by the contract between the parties and the time needed to get lender approval if a mortgage is involved. In a typical residential transaction, most contingencies (other than financing and sale of the Purchaser’s residence) can be removed within two weeks. Financing should be resolved within 30-45 days. This can be longer if the financing is FHA sometimes.
Escrow refers to the process in which the funds of a transaction (Earnest Money Deposit, Water Escrow, Seller Proceeds) are held by the title company, pending the fulfillment of specific instructions or closing of the transaction.
Yes, buyers and sellers have the right to choose which title company they want to have insure their interest and provide settlement services for the deal. We are proud to say that Zing Title is 100% independently-owned. That means all of our business is by referral, and we will handle each transaction with care and due diligence. We are the reliable, experienced team committed to do whatever needed to achieve the results you should expect.