TITLE AND ESCROW
The final stage of the transaction process occurs with the transfer of title from the Seller to Buyer. After closing has occurred, the policy is sent to you by the title company, the third party who transfers the money and documents (including title and deed) from the buying and selling parties. The title company prepares documents, draws up the closing statements, obtains necessary signatures, records documents, and receives and disburses funds.
CLOSING THE DEAL
At the title company, you will review and sign final paperwork. If either the Seller or Buyer cannot attend, he or she can sign papers in advance, and/or grant power of attorney to a representative. The Buyer will be asked at closing to sign the mortgage and any other papers that the lender, and/or other interested parties, may require. Upon conclusion of the closing process, the deed and mortgage will be recorded and all previous obligations of the Seller will be discharged. Once the closing papers have been executed and the deed recorded, you can take legal ownership of your new home.
Congratulations on the purchase of your new home!