Celebration aside for the moment, at closing the ultimate purpose of the original sales agreement is achieved: Ownership of your new home is transferred from the builder to you. The technical steps include finalizing your loan (one set of papers and checks) and the builder selling you the home (another set of papers and checks).
Next the money is disbursed to the appropriate people and companies including real estate agents, attorneys, title company, and surveyor, just to list a few. Title is transferred and the loan is recorded against your new property.
This process sounds easy enough, but it involves about 75 documents. Some of the documents are duplicates, but you need to sign nearly all of them.
Depending on how many questions you have, closing should take from 45 to 90 minutes. Tounderstand how this closing is achieved, let’s review the process one step at a time.