Buying or selling a home is a long process. There’s shopping around, getting appraisals, booking inspections, touring the house, and making an offer. Once your offer is accepted there’s still one more step before you can officially say the sale is final: the closing.
What is a Closing?
Closing is the final stage in a real estate transaction. So whether you are buying a new property or selling an old one, closing day is where the property title officially passes from seller to buyer. While it sounds like a simple enough process, it’s an important one because a land title is a legal document that details who officially owns the property. That’s where a title company comes in! Getting the assistance of an experienced title company, like McKesson Title, ensures a smooth closing process and prevents any future legal issues with your property’s ownership.
McKesson’s Closing Checklist
To speed up the closing process and expedite move in, it’s important to understand the steps of a closing. Below, we’ve created a checklist that details the parts of a real estate closing, so you can know what to expect on closing day.
- Consider Title Insurance: This is a great option for properties that had title issues in the past. Title insurance can help protect the buyer and seller from any claims against the property, which can lead to expensive legal issues down the line. Best of all, unlike other types of insurance, title insurance is a one-time only payment!
- Submit Earnest Money: Also known as a good faith deposit, this sum of money is important because it demonstrates that you are serious about purchasing the property. A good title company will assist in the disbursement of earnest money, which can help speed up the closing process.
- Schedule a Closing: After earnest money is accepted and proof of home insurance is approved, it’s time to schedule a day to close on the property. McKesson Title works with both buyers and sellers to schedule the closing. To increase convenience, McKesson offers customers mobile closings, which allow closings to happen at a variety of locations and times, including after hours and weekends.
- Closing Day: All parties–buyer, seller, and title company– meet on the scheduled day to sign and record all necessary documents to officially transfer property ownership. At the end of all the signing, the land title and keys are handed off to the new owners!
Real Estate Closing Experts
Whether it’s title insurance, transferring funds or scheduling and finalizing the closing, McKesson Title has over 100 years of title expertise to help. Contact them today to get expert title assistance when buying or selling your property.