What Happens At A Closing?

What Happens At A Closing?

Hey everyone, if you’ve ever wondered what happens at a closing of a real estate transaction in Cherokee County, stay tuned and I’ll go ahead and answer it for you. All right, you’ve done all this hard work, you put the house on the market, you’ve found a buyer, you signed a contract, you negotiated all the repairs and holy smokes! It’s time to close this house. Either you’re buying it and you’re super excited or you’re selling it and you’re just as excited. But you’re wondering, what in the world happens at the closing table? Well, this is basically what happens.

First of all, let me tell you who’s there, right? You’re always going to have in the state of Georgia, especially here in Cherokee County, Georgia, you’re going to go to a closing attorney. So an attorney is actually going to close the transaction in the state of Georgia, that’s how we do it. So you’re going to have an attorney there. The attorney actually represents, if there is a lender, the attorney actually is representing the lender and the lender’s interests.

Now they’re going to be basically orchestrating the entire closing. So, you may have your agent there, who’s really just there to answer any questions that may come up, congratulate you on the sale or the purchase of a home, and really just celebrate with you. The same is true with the other agent on the other side, the same thing they are really there, just as a celebration.

You may also have your lender there as well, and they’ll be able to answer any questions. Once again, it’s more of being able to be there as an advocate for you and answer any questions that may come up during the closing. But the key person, that is involved with it is the closing attorney. They’re the ones that have all the paperwork, they’re just working through everything that’s already been provided to them. So they’re the ones that are really orchestrating the closing itself. So what happens is, the seller will be signing just a few documents, basically a Warranty Deed, a few other documents, transferring over the ownership to the new owners.

Then on the buyer’s side, you’re going to be signing those same types of documents showing, yes, I’m purchasing this, and then you’re going to have all of your lending paper that you’re going to be signing. If you’re doing a cash purchase, the closing is real simple and sweet and usually, it’s about 10 minutes long, there’s not a lot of paperwork involved. But once you have a loan involved, the majority of the time and the majority of the paperwork is all driven by the lender that you selected to purchase your home.

So the closing, if it’s a cash deal like I said, it’s about 10 minutes and it’s very quick and easy. A typical closing lasts about an hour if you have a lender involved. Once everybody signs all the paperwork, the lender then takes that package up and has to go in the other room, they send it off to the lender, usually by fax electronically, send it to them. They have to go through it and make sure everything is A-Okay, all the T’s are crossed and the I’s are dotted. That usually takes anywhere from 15 to 20 minutes sometimes to be able to get an approval back. Then once everything is A-Okay, the attorney comes back in, has all the paperwork, gives everybody their copies, checks are distributed if there’s money involved and then you’re at the end.

So anyway, that’s what happens at a closing. So really it should be a big celebration and the buyers and the sellers should be excited, and that’s really what it’s all about. So hopefully that was helpful. Give me a thumbs up if it was and make sure you subscribe to my YouTube channel. Thanks.


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