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All About Closing

All About Closing - Overview
All About Closing - The Players
All About Closing - The Documents
All About Closing - Closing Costs
All About Closing - The Process

 

The Players

A number of different parties are involved in the process of transferring ownership of real estate. In many areas, you can expect to see any or all of them at the closing itself. In other areas, only the sttlement agent or closing attorney may be present.

Your Real Estate Agent  acts as an intermediary between you and the seller. Generally assists in helping you purchase property at a fair price and favorable terms.

Seller  signs the deed over to the buyer and presents the keys to the home.

Seller’s Real Estate Agent  represents the seller who may not be present at the closing itself. Generally assists in helping the seller get the highest possible price and best terms for the property.

Escrow Officer  is the objective third party who processes and disburses funds in accordance to the instructions provided by the seller and buyer.

Settlement Agent  is responsible for facilitating the closing by preparing and recording documents.

Lender/Bank  is the institution that lends the money to the buyer, usually a bank or mortgage company. The lender is often called the “mortgagee" while the borrower is referred to as the “mortgagor".

Loan Servicer  is the institution that will receive and process your mortgage payments and manage your escrow account. This is often the lending institution, but not always.
  The Players