The real estate sale closing process from the buyer’s perspective

03/03/23 16:43
As a buyer, the real estate sale closing process can be broken down into the following steps:
  1. Closing Disclosure: After your offer has been accepted, you will receive a Closing Disclosure document from your lender, which will outline the final terms of your loan, including the interest rate, monthly payments, and closing costs.
  2. Inspection: You will have the opportunity to schedule a home inspection to ensure that the property is in good condition and there are no major issues that need to be addressed before the sale is finalized.
  3. Appraisal: Your lender will order an appraisal of the property to ensure that it is worth the amount you are borrowing.
  4. Title Search: A title search will be conducted to ensure that the seller has clear ownership of the property and there are no liens or claims against the property.
  5. Insurance: You will need to purchase homeowners insurance and provide proof of coverage to your lender.
  6. Walkthrough: Before closing, you will have the opportunity to do a final walkthrough of the property to ensure that it is in the condition agreed upon in the purchase agreement.
  7. Closing Day: On the day of closing, you will review and sign a number of documents, including the settlement statement, which outlines the final closing costs and fees. You will also transfer the funds for the purchase price and closing costs to the escrow account. The seller will transfer ownership of the property to you and you will receive the keys.
  8. Recording: Finally, the sale will be recorded with the county recorder's office and you will officially become the new owner of the property.