Understanding the closing date of a U.S. real estate transaction.
To understand the closing process for U.S. real estate, you need to know the closing date in a U.S. real estate transaction.
Generally, the closing date is agreed upon in advance in the contract when the buyer and seller agree. Of course, if both parties agree, there is no problem to close before this date.
So what will you do on the closing date? In a nutshell, there are four points:
1. Before or on the closing date, the buyer will make payment, usually by check or wire transfer.
2. The seller and buyer will sign the Title Transfer Contract and give the buyer the keys to the room.
3. The title company or a lawyer or notary goes to the local government to do the registration.
4. The seller receives the money after deducting the transfer fee and the balance of the loan.
Closing of property in the U.S. can be done by a third party
In the United States, and even in most overseas countries, most transactions to buy a home are completed by mutual agreement, without the presence of the buyer and seller.
In the western United States, generally speaking, a third party, the title company, holds the funds, signs the title transfer, and has full authority to arrange the transfer of the title. So the buyer and seller do not have to be present at the same time and the title company has full authority to operate.
In the eastern United States, generally speaking, the closing process takes place at a place called a settlement company where the buyer and seller, including their brokers in most cases, get together, have an attorney or settlement agent conduct the closing, pay the money, sign the transfer, and finally go to the government to register the title.
Of course, if the buyer is truly unable to attend, they can also appoint their agent or attorney to sign for them and complete the closing process and review.
The quick and easy process of buying a home in the United States
Sign the transfer of title - Register with government agencies. This is the process of transferring real estate in the United States. Simple and quick!
After the buyer has paid the money and signed the title transfer letter, the title company or settlement agent will go to the government department to register the buyer. After this step, it means the property is owned by the buyer.
A typical government department registration filing can be completed within 2 to 4 weeks.
The U.S. has a contractual registration system and most areas have government websites where people can easily find out the title information of a home by logging on to the government website.
In the few areas that do not have a government website, people can go to the government office to make inquiries.
It can be said that after the transfer procedure is completed and registered, the transfer of property rights is no longer important and does not need to be kept.
All the owners' information is kept in the government record. In the future, there is no need for documents such as real estate license to rent or sell the property, and the property owner can easily handle the process.
