Closing Participants
Several people may be at the closing representing the buyer, seller, and lender. Local laws and customs will determine who will be present at your closing.
- Homebuyer - Becomes the new owner of the home once the required
payments and closing transactions are completed.
- Seller - Transfers the house to the homebuyer.
- Real Estate Agent - Helps the homebuyer understand all the
documentation to ensure that the contract stipulations are correct and that the
closing process goes smoothly.
- Attorney - You may use a real estate attorney to handle the closing
transaction to protect your rights as a buyer and to identify any loopholes with
the legalities of the contract. In some states, the escrow/closing officer will
perform the function of the real estate attorney.
- Escrow/Closing Officer - The escrow/closing officer is a neutral third
party who helps both the buyer and seller, ensuring that all documents,
inspections, and funds required to close the transaction are completed and
received by the appropriate party.
- Title Company - Performs title search for the property. In some cases,
the title company can coordinate the closing transactions.
- Lender - Provides the loan package for the buyer.
- Servicer - Organization (usually a lender) that collects your monthly
mortgage payments and services your loan.
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