The closing process is always changing. It is even referred to “settlement“ or “escrow” in different parts of the county. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.
It is this step where the buyers and sellers do very little. It is important for both buyer and seller to take a final walk through the property to make sure the property's condition as not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.
Continue the journey, read "Surviving the move"
As life-time residents of Maryland and full-time, full-service realtors since 1989, we use our knowledge to advocate for you! Our goal is to provide our clients personal and professional service. You make all the decisions and we act aggressively on your behalf. For sellers, we offer high-tech marketing, virtual tours, concierge services and more. For buyers, we offer full buyer representation, financing, new construction and more.
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