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Real estate closings can be exciting, the day a new home becomes yours. However, this step in the process can also be intimidating, with stacks of papers to sign and enormous sums of money changing hands. If you’re closing on a house soon, knowing what to expect can take some of the stress out of this confusing experience.

4 Common Concerns About Real Estate Closings

What Do Buyers Need to Do Before Closing?

Everyone involved in the real estate closing has some responsibilities to ensure the process goes smoothly. As a buyer, you’ll need to perform several tasks, including a obtaining a mortgage and getting homeowners insurance.

What Will I Be Signing?

real estate closingTaking ownership of the property means signing a lot of paperwork. You will need to sign state required transfer documents, the mortgage documents, and the lenders closing disbursement statement.

How Much Will My Closing Costs Be?

The closing expenses depend on several variables, including the cost of the house, the size of your mortgage, the yearly property taxes and other required lender fees. If you are obtaining a mortgage to purchase the home your lender will provide you with a written statement ahead of time.  If you are paying cash , your Attorney will provide you with the amount due prior to closing.  The balance due at closing will need to be paid by cashiers check or money order.  

Do I Need an Attorney?

The purchase or sale of a home is likely the largest transaction a person will have in their life.  While parties can choose to represent themselves, it is not reasonable to do.  The lawyers who handle real estate transactions are experienced with the process and the documentation which is required.  In New York, for instance, it’s customary for both buyers and sellers to have their own attorneys, even though you have the right to represent yourself.  It would be unethical for an Attorney to represent both the Buyer and Seller in a real estate closing except in very rare circumstances.

 

For over 35 years, Robert A. Schwartz has represented buyers and sellers throughout the Rochester, NY, area, providing thorough guidance in a variety of transactions. At this boutique law firm, you’ll always get the undivided attention of a skilled professional who will represent your interests and walk you through every step of the real estate closing. To schedule an appointment, call his office at (585) 351-2929 or visit him online, and follow him on Facebook for more tips and advice.

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