A real estate closing is typical a literal meeting during which ownership of property changes hands from the seller to the buyer. A closing will usually take place a few weeks after the buyer and seller make an agreement to transfer ownership of the property. Once preliminary work is completed, the buyer’s attorney or title agent will schedule the final closing usually.
While the process is common, closings are very important and do require certain steps from the buyer and seller.
A real estate closing is usually a literal meeting when ownership of buildings, land and some businesses is changed from the seller to the buyer. Otherwise stated, a closing is where a seller literally moves ownership of assets to the buyer in exchange for money.
A closing typically happens several weeks after a buyer and a seller have agreed (by handshake or by a purchase agreement) to make the sale/purchase. After the buyer and seller agreed, the buyer or buyer’s bank secures appraisals, formulizes the loan details and has the property’s government records searched to confirm that there are no liens against the property.
Read more about real estate closings in Lee’s article in the Lima News here: Legal-Ease: What is a real estate closing?
Source: LimaOhio.com, “Legal-Ease: What is a real estate closing?,” by Lee R. Schroeder, July 20, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.