When is closing? Where is the closing? Will you both be present at closing? We can talk about it at closing.
You don’t have to be a sophisticated real estate investor in order to have heard the term closing. All homeowners have gone through the process. But what exactly is the process, and why is it called closing?
Closing is short for closing the transaction. It includes a determination that (1) all delinquent taxes on the property have been paid; (2) all current taxes based on the latest information have been properly prorated between the buyer and the seller; (3) the sales price has been paid; (4) all proceeds have been properly disbursed; (5) a final search of the property title has been made; and (6) all documents required to complete the sales transaction and conveyance have been signed, acknowledged, and filed for record, as appropriate.
In our Just for Fun posts, we underscore certain construction and real estate topics just for the fun of it.