A Close Up On the Closing Process of Real Estate

Ms. Erielle Icamen • October 03, 2014

The final part in a real estate transaction is called closing. This process takes place right after an offer from a buyer is accepted by a seller. This is the most crucial phase in the whole transaction; it involves numerous contracts, legal processes and money. In a nutshell, this stage is the preparation and the exchange of assets itself between the parties.

The Process

Tips and Warnings

The process of closing a property is tedious work for both parties. Both of them are concerned about their financial security. In other words, neither of them want to be ripped-off. Given this, credibility and integrity should always be prioritized in each step of the process. It is also suggested that a third-party will be hired in the process. The third-party will stand neutral ground to overlook and sustain fairness between the two. A third-party can be a broker, brokerage firm, or a closing agent. A closing agent is a person or business that is responsible for the coordination of the activities necessary for completing the closing process.

The parties are encouraged to scrutinize every document including the property itself, make sure that everything is in terms. It is imperative that both sides clarify what is written in the papers. Lawyers and legal secretaries can be of assistance to those who are not well-versed in law terms. It is only reality that one side may take advantage of the other’s ignorance.

Closing can take a lot of time and can be very stressful. Depending on the property it can take the process 2-4 months. External forces may cause delays and cancellations of meetings. But with compliance and cooperation of both the buyer and seller, transactions can be done quicker; as well as alleviate the stress significantly. It is also advised that all the required documents are prepared and all accounts are settled beforehand.

The complexity of this process should not be underestimated. It is extensive, stressful and demanding. Although, with the desire of the buyer to buy and the seller to sell, determination and resilience will supersede any challenge.

Tags:
Closing process of sales in real estate, Crucial part of real estate, PRIME Philippines
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