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| What happens at closing? |
Closing usually takes place either at the office of the lender or at the Title Insurance company--and generally takes about an hour.
The closing room needs to be large because there are usually a lot of people present--the buyers, the sellers, the lender, the closing brokers from the listing and selling real estate offices, the listing and selling agents, and a representative of the Title Insurance Company who acts as escrow agent, collecting all the funds and making disbursements. The sellers sign the Warranty Deed, the buyers sign the loan forms, and both buyers and sellers sign a multitude of government forms and statements showing closing costs in various formats. The buyers give their downpayment to the escrow agent and receive the deed, the sellers give the buyers all the keys to their new home and receive their proceeds check. Congratulations are in order--you are now a homeowner!
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