A mortgage closing meeting is the final step in the process of purchasing a new home. At the closing, you’ll sign paperwork to finalize the sale and walk away with your new keys. But if you’re not a real estate attorney Ashburn VA, odds are you aren’t sure what to expect.
What Happens at Closing?
Closing, which may also be referred to as settlement, is a meeting where all the parties involved in the sale of a home sign the necessary legal paperwork for the mortgage loan. The party who owns the property being purchased, which may be a bank or builder or a former owner, will also sign over the title for the property.
Once you have signed the mortgage paperwork, you are assuming the responsibility for the loan. Therefore, it is vital that you understand all of the documents that you sign. It’s a good idea to speak with your real estate attorney, agent and mortgage broker ahead of time to review contracts and mortgage terms.
How Long Does a Closing Take?
The length of a closing will vary by location and your specific situation. In some localities, documents are signed electronically, meaning that the process may take days or weeks as the contracts are sent by email or mail, reviewed, signed and returned. This may also happen when parties do not live in the same area. For most closings, however, all involved parties meet in person and sign contracts on the spot. In-person closing meetings typically take a few hours.
Who Attends a Closing?
Laws on who is required to attend a closing meeting vary from state to state. The parties who are signing contracts must be present. This includes the buyer who is assuming the mortgage, the seller and a lender. A real estate attorney is not required in all states but it is in the best interest of the buyer to have one present to answer any questions about the contracts at hand.