Closing Participants

There are numerous people who are involved in the closing process that represent the seller, buyer, and the lender. The laws in your city or state will decide on who should and will be in attendance at your closing.

Homebuyer - Becomes the new owner of the dwelling once the compulsory expenses and closing dealings are finished.

Seller - Old owner, sells the house to the homebuyer.

Real Estate Agent - You will most likely use the services of a real estate agent, as they will help you understand any of the documentation that you are signing and will help you to fill out any paperwork so that you don't make any errors and this will guarantee that the process of the closing goes without disturbances.

Attorney - You possibly will use a real estate attorney to take care of the closing transactions and to defend your rights as a homebuyer and to recognize any ambiguities in the contract. There are certain stated in which a closing officer will execute the roles and obligations of a real estate attorney.

Escrow/Closing Officer - The escrow/closing officer is a impartial third party that will assist both the buyer and the seller in order to make sure that all documentations, inspections, and fees that are compulsory to close the transaction are finished and are accepted by the proper party such as the lender.

Title Company - This Company will perform a title search for the property so that the property can be signed over to the new owner and also to make sure that the property really belongs to the person selling it. There are certain cases in which the title company arranged the closing transactions.

Lender - Gives the buyer the terms of the loan as well as discusses any fees, interest rates and points. In other words, the lender provides the buyer with the loan package.

Servicer - Organization, such as the lender, that will collect your monthly mortgage payments and services your loan.