Real Estate Closing Hilton Head (also referred to as completion or settlement) is the final step when purchasing a home. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer. It often requires a title search, title insurance, appraisal, land survey and an experienced/reputable attorney.
Several things happen during closing:
- The buyer and/or their lender deliver a check for the balance owed on the purchase price.
- The seller signs the deed over to the buyer and gives it to the buyer. A recorder’s office, which would record the deed, commonly requires the seller’s signature to be notarized. If applicable, a mortgage will also be recorded.
- Loan documents need final approval from Lender, Home Inspection, and Appraisal to be verified as well.
- Typically a lawyer egisters the new deed with the local land registry office or recorder’s office. A declaration or statement by the buyer or seller regarding the purchase price may have to be filed with the government. Conveyancing taxes and recorder’s fees will typically have to be paid, which are part of the closing costs.
- The seller receives a check or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts.
- From the funds allotted for closing costs, prepayments of real estate taxes and insurance may be required, and fees charged by other parties may be paid, such as realtors, title company, lawyers, etc.