As a real estate agent in the Ellicott City Maryland area, I’ve found that one of the biggest questions my clients have is: “What really happens at closing?” In this article, I’ll take you step by step through what really happens in the closing process. By the end of this article, the closing process should no longer be a mystery to you.

The Closing
The closing is when the seller, the buyer and all other parties involve meet to finalize all the documents in the sale. The seller signs the deed of the house over to the buyer and the buyer pays the price agreed in the contract.

Documentation
The seller also provides any other documentation necessary to the buyer. This can include insurance papers, evidence of title, inspection reports (including any needed repairs) and so on.

Title Insurance
Title insurance is also paid at closing. Title insurance is an insurance that assures your title is clean. You pay to have a public records search conducted and once you get a clean bill of approval, the title is considered clean. If any contradictory records come up later, you are covered by title insurance.

Escrow
Often times closing is done through escrow with a title company. Closing through escrow means that the sale is done through a third party that has no financial interest in the sale.  This helps assure the safety of both parties by having the third party sign off on the sale once both sides have fulfilled their respective responsibilities.

At the End of Closing
The buyer receives the keys to the home and legal documents are recorded.

There is a lot of free information available for you about buying, selling or investing in Ellicott City Maryland Foreclosures. For complete information about the Ellicott City Maryland Foreclosures market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Ellicott City Maryland real estate at LivinginEllicottCity.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than happy to answer your questions. Feel free to call me on my cell at 443-386-3434 or contact me using the form below. Make sure to visit my site to sign up for a free weekly list of Ellicott City Maryland foreclosures with 3 or more bedrooms!

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 Tags: Ellicott City Maryland Real Estate, ellicott city maryland foreclosures, kevin larkin

Article's Author

Kevin Larkin
Daniel Lloyd & Associates Realtors
Catonsville, MD

Contact Kevin Larkin