What a typical closing on a property in WV looks like?

When it comes to buying or selling a property, the closing process is a crucial stage that signifies the finalization of the transaction. Understanding what a typical closing entails can help both buyers and sellers navigate this complex procedure with confidence.

The closing process begins after an offer has been accepted and a purchase agreement is in place. For buyers, this means securing financing through a mortgage lender, which involves submitting financial documents, undergoing credit checks, and receiving pre-approval for the loan amount. Meanwhile, sellers need to ensure all contingencies in the contract are met, such as property inspections and repairs.

One of the key steps leading up to closing is the title search. This process verifies that the property’s title is clear of any liens or legal issues that could impede the transfer of ownership. Title insurance is often purchased by buyers to protect against any future claims on the property.

As the closing date approaches, both parties will receive a Closing Disclosure statement outlining all costs associated with the transaction. Buyers should review this document carefully to understand their financial obligations, including loan fees, appraisal costs, and any prorated property taxes.

On the day of closing, several activities take place. Both buyers and sellers will meet at a designated location, this can also be done remote if needed—often an attorney’s office—to sign various legal documents. Buyers will sign mortgage paperwork and promissory notes committing them to repay their loan. Sellers will sign over the deed to the property. Funds are then exchanged: buyers provide payment for the home (usually via wire transfer), and sellers receive their proceeds from the sale.

Once all documents are signed and funds transferred, the attorney will officially record the new ownership with local government authorities. At this point, keys are handed over to buyers, marking their official possession of the property.

In summary, a typical closing on a property involves several critical steps: securing financing, conducting a title search, reviewing closing disclosures, signing legal documents, transferring funds, and recording new ownership. Staying informed about each step can make this complex process smoother for both buyers and sellers.

Call the Calkins Elkins, WV 304-704-0072

Real Broker LLC.  Broker Bernard Pudimott