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Homebuyer Guide
What Happens at Closing?
In the transfer of the property from seller to buyer, a neutral third party may be appointed to see that all terms and conditions of the agreement between the two parties are met. This person is known as the closing attorney.
Many lenders have their own closing department, and it may be to your advantage to request that the closing be handled by your lender.
What the closing attorney does:
- Prepares closing instructions and the Warranty Deed for signature
- Accepts funds and documents
- Coordinates the flow of documents and funds
- Ensures that the lender’s requirements are met
- Figures and collects closing costs
- Makes arrangements for recording the Warranty Deed and Mortgage
- Secures a title insurance policy, as applicable Processing time may vary, depending on the type of loan and documentation required.
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