What Happens During the Closing Period of a Home? Let Me Explain...

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What Happens During the Closing Period of a Home? Let Me Explain...

I've had a lot of people come to me wondering why it takes so long to close a contract on a home and get it sold. The main reason is that the title companies must perform a wide array of research on the necessary documents. However, here is a more comprehensive explanation.

To start, you must take these steps in order to close on a property:

1.  Get your loan approved.

2.  Have a termite inspection completed (or any other inspections).

3.  You need to have an appraisal done.

4.  You also need to have the title work done:

     -  This is going to take the longest out of all the steps.
     - Title companies search for names associated with the transaction as well as research the property itself. The goal of this process is to ensure that the seller gives the buyer a good, clean title.
     - If there are any liens (including child support or tax liens) against the owner of the property, they must be paid off.
     - After all the research has been completed by the title company, they open up communication with the buyer's lender in order to calculate the final numbers of the purchase including the cost of the title work, inspections, insurance, and any other work associated with the contract.

In the state of Nebraska, it is customary for the seller to sign the deed before the day of closing. Often times people will be leery of signing it so far ahead of time, but this is simply because it makes the paperwork much easier for the title company when the seller signs the deed ahead of time.  Regardless of when the signing happens, the deed will not be filed until the property closes.

This is a short summary of what happens in the titling process, but if you have any more questions feel free to contact me at (402) 680-2500 or shoot me an email at bill.black@cbshome.com