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What happens at a real estate closing in Connecticut?

On Behalf of | Oct 14, 2021 | Real Estate |

When preparing for a real estate transaction, it is important to know what happens at the real estate closing stage. This is the last step of the real estate buying process, and it is extremely important. Whether you are buying or selling real estate, here’s what you need to know about real estate closing.

Title search and title insurance purchase

The title search process ensures that real property actually belongs to the intended buyer. It is important to make sure there are no liens against the real property.

When buying real estate, the buyer may want to be purchase title insurance. The purpose of the policy is to protect against losses, such as fraud and errors in the real estate title.

Negotiation for the costs of real estate closing

There are a variety of costs involved in real estate closings. Taking the time to review all the real estate documents and asking questions about these fees can help save money when buying property. For example, you may be able to negotiate how much it will cost for notary services or appraisal reports with your realtor.

Signing of real estate documents

After the negotiation of all real estate fees and costs, it is time to sign the property documents. This includes buying or selling real estate deeds, mortgages and any other necessary documentation.

Home inspection and real estate appraisals

The buyer and seller may agree to a home inspection before the real estate closing. The purpose of this is to make sure that the property has no major problems or issues with it, such as faulty wiring, because real estate buyers don’t want to pay for any undisclosed damage later down the line.

There are several other things that happen during real estate closings, but the above items are often some of the most important. Just remember that as the real estate closing comes to an end, it is important for both parties involved to review the real property documents carefully and make sure that all of them are accurate before signing them to avoid any errors.