Step 9: Closing the Deal

This is the exciting part pf the process and the culmination of all your efforts. You’ve found your ideal property, organised funding, arranged and checked all you can. Now, it’s just a matter of getting everything signed off and you can move into your new home.
By the time you get to this stage, the sale of the property will have been agreed, an inspection of the real estate has been carried out, funding will have been arranged, insurance will be set up and title to the property has been checked. Everything will have been proved to be in order, clearing the way for the final stage of closing the deal. You may wish to have a last view of the property to make sure nothing has changed materially since you agreed to buy. Once everything has been signed and completed, it may be too late to raise objections.

Completing the Paperwork

This final stage of the process requires that all the necessary paperwork is prepared, checked and confirmed to be in order. All the documentation will be provided by lawyers, lenders, insurance companies and anyone else involved in the final stages of the sale.
The closing process requires that all relevant parties to the deal, primarily the buyer and seller, sign all the necessary paperwork to complete the sale of the property. This may take place at an official signing ceremony where all parties are present or, more commonly, the buyer and seller may sign separately and then transmit their copies to the other party for counter signature.
Once everything is signed and complete, several significant events result. Any arranged loan amount is released and the seller is paid the agreed price for the property. From this amount may be deducted any outstanding loan amount, taxes payable on the transaction and fees due to different people involved in the sale. All due amounts are paid to the various organisations.

It’s All Yours

Title deeds, loan papers and other relevant documents are filed with various offices, verifying the legal ownership of the property and interests in it. At this point, ownership passes from the seller to the buyer. You now have the keys to your new home and can move in.