A Real Estate Closing refers to the meeting where ownership of the property is legally transferred to the buyer.
First, there is the parade of munchkins welcoming the buyer to the wonderful world of home ownership.
Then, there arrives the ceremonial unicorn. She is often late, so don’t panic. But it’s quite a special moment.
Shortly after that, the title company’s butler brings in your choice of champagne, followed by a platter of above average appetizers.
In the meantime, the title company masseur will be working on the buyer’s back while they preview some papers. Some title companies will provide a person to give them a pedicure at the same time, but recent budget cuts have seen this perk fade away.
Toward the end of the closing ceremony, you (as the former owner) will appear, previously this was through a smoke machine, but in today’s economic climate, you will normally just enter through some balloons.
The munchkins and unicorn will return, and on perfect cue, the agents, lawyers, title company staff, and the munchkin crew will sing the buyer a personal “Welcome Home” song followed by a unique delivery of the keys (Some have seen them come in the mouth of a St. Bernard, or a dove’s tail, or even floating down in a parachute from of a colorful display of fireworks.
You, as the seller, will be greeted by a congratulatory committee who will take you to your “home sale celebration” while your belongings are moved out of the previous home and into your new location.
What to Really Expect at a Real Estate Closing
Just kidding. Maybe one day we can provide you with a more exciting experience, but for now, we just promise to make your closing day as easy and enjoyable as possible. We can assure you it will be a memorable day, and very “exciting” in its own right. Here’s what you can actually expect.
The process usually only takes about an hour, and you’ll just need to practice holding a pen and make sure you’ve had your morning coffee and perhaps a bowl of Wheaties.
At closing, the specified party will be paying for his or her share of the closing costs. As the seller, your costs will be deducted from your gross proceeds from the sale.
The HUD Uniform Settlement Statement (which both you and the buyer will sign) will detail the closing costs (plus all the monies involved in the transaction), as well as who is expected to pay them.