The process of buying real estate in Tennessee is lengthy, and the final stage, closing, can have surprised for the inexperienced. Understanding the key facts about closing can reduce unpleasant surprises along the way.
Closing on real estate is not just ending the transaction. It involves the final transfer of funds, which is usually done according to a prescribed process, as well as a lot of paperwork to transfer the title. It is possible to do a closing remotely. This will require some changes, like using a wire transfer to send the money instead of a check. Whether it is in-person or remote, this step is necessary to end all outstanding parts of the deal, so it cannot be scheduled until the title check, inspection, and any and all other contingencies are finished. The exact cost to the buyer will depend on the date of closing since part of the cost is settling the balance of taxes due for the year between the buyer and seller.
Importance of closing
After closing, the sale is final and the buyer has sole ownership over the real estate. So the buyer needs to make sure that they are happy with the transaction, the price, the condition of the property, and anything else that might be relevant. They should review the paperwork carefully so that they understand the conditions both of the property sale and of their mortgage, if they are borrowing.
Closing is the end of a real estate transaction. First-time buyers are often surprised by how complex and involved it is to close a real estate deal.