What happens on the day of closing?

In real estate transactions, the day in which everything is finalized and both the buyer and the seller can move on from the transaction and begin the new chapter in their lives is known as closing day. This is the most important day in the real estate transaction process and signifies that the property ownership has been officially transferred from the seller to the buyer.

On the date that closing is scheduled, the buyer has a bit more to do than the seller. In fact, the seller doesn’t necessarily need to be at the day of closing as long as they have previously submitted all of the necessary paperwork and paid any closing costs that are due. The buyer will usually do a final walkthrough of the house and the property to make sure nothing on the property has drastically changed since they last saw it. The seller should be moved out of the property by the date of closing and should leave the house in a generally clean state to make it easier for the new owner to move in.

It is important that regardless of whether you are the buyer or the seller, you retain the services of an experienced real estate attorney who can walk you through this process. If you are the buyer, you may want to bring your real estate attorney with you. Your attorney can assist you if you find any issues with the property and go about fixing them in a lawful manner. If you have questions about legalities in the real estate process, contact an experienced real estate attorney today.

The law firm of Mattleman, Weinroth & Miller, P.C., is composed of experienced real estate attorneys throughout the state of New Jersey. Please contact the office for a free initial consultation and get any questions answered.