After the purchase and sale contract is signed by both the buyer and the seller of a property, the buyer will need to arrange financing, have termite and building inspectors check the property out, obtain insurance for the property, and perhaps have a survey done. When everything is in order, a closing date and time is set. Typically, a closing will occur at the office of a lawyer or a title company. Several people may be present at the time of closing, including the buyer, the seller, the attorney, and the real estate agents. At the closing, the attorney presents a closing statement to all parties listing all moneys, costs, expenses and deductions. After reviewing the closing statement, the buyer signs all the documents necessary to obtain the loan to purchase the property. The seller signs the deed to the property. Normally, the attorney takes the responsibility of recording the deed. The buyer is usually responsible for paying all expenses and costs associated with the property purchase. The transaction is complete when the appropriate documents are recorded with the local town clerk. For more information on closing, contact a real estate professional.
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