Closing is the final step in transferring ownership of a real estate property from real estate seller to real estate buyer. Some states require a lawyer to be present at a closing. Closing costs can include the cost of the land survey, broker’s fees, taxes, attorney’s fees, utility fees, homeowners association fees and inspection fees. The fees can vary depending on the contract, the location, and the time of the month the closing occurs. Get more information here about real estate closing transactions.
Taking Possession Before Or After Closing
Possession is when you actually take control of the property. It is the last thing that usually happens in the home buying process, unless a special deal is made to allow the sellers to move out after closing, or for the buyers to get access to the property prior to closing. The seller might let you take possession early so that you can move in or get started on the remodeling. If you do close, and the sellers are keeping possession for a short period of time, you should put a portion of the closing funds into an escrow account at closing. These funds are an important piece of leverage you may need if the sellers decide perhaps they'll stay after all.