The closing process, also called settlement or escrow, is the transfer of the title of the property from the seller to the buyer. The buyer receives keys to the home, typically after everything has been recorded at the county, while the seller receives payment for the property. The amount the seller receives is based upon the amount that they may still owe on a mortgage, any outstanding fees or taxes and additional closing costs. In Northeast Ohio it is typical for buyers and sellers to sign paperwork on their own with a closing agent scheduled by the title/escrow company. Other parts of the state have a round table closing in which buyer and seller and the closing agent are all present for the signing of the documents. It is important that both buyer and seller make sure that the paperwork they are signing accurately reflects the final agreement that was reached for the sale.
Closings usually take 30 days from the final purchase agreement. Timing typically depends on the buyerâï¿½ï¿½s financing availability, successful home inspection and various lender conditions such as title search, title insurance, pest inspections, surveys, appraisals and repairs. The seller may also have reasons for wanting a specific closing date, but this should all be negotiated at the time of purchase.