Home buying is an exciting yet stressful process for many. If you want your real estate closing to go smoothly, know what happens during this phase so that you can prepare ahead of time. To help you wrap up your real estate transaction, below are answers to a few questions you may have regarding a closing.

What You Should Know About the House Closing Process

What is a home closing?

Closing is the final step in a real estate deal, during which ownership transfers from the seller to the buyer. The sale concludes after both parties satisfy the contract's terms, and a record of the deed has been accomplished. Your real estate purchase agreement or sales contract contains vital information about the transaction, such as the sale terms, document requirements, and the steps you must take.

Where do closings happen?

The closing venue depends on whether or not a lender is involved. If you are paying with cash, you and the seller can agree on a location. Often, the seller's counsel or the purchaser's attorney offers their office as a venue. But if you are taking out a loan, the closing will be at the office of your escrow agent or title company.

How do you prepare for a home closing? 

You should receive a closing disclosure document from your lender at least three days before your closing date. This file contains details on your closing costs and loan terms. Review this document thoroughly. 

In Missouri, typical closing costs are at 2-5% of a home's purchase price. Remember, you cannot use a personal check during closing. If you are not bringing cash, you should arrange a wire transfer or secure a cashier's check.

How long does closing take?

Allot at least an hour or two for your home closing. It is routine for attorneys to explain the documents before you sign. Expect to spend the bulk of your time signing these papers, after which you must pay the closing costs, and have the title and keys given to you.

Having a reliable real estate agent increases your chances of successfully closing on your dream home. Mary Vann: Coldwell Banker Gundaker in Kirkwood, MO, extends expert guidance and dedicated assistance to her clients who are looking to sell a house or buy one. Call her office today at (314) 574-3030 or visit her website to learn more about her real estate listings.