What is the final step in the closing process?
The last step of the closing process is the actual legal transfer of the home from the seller to you. The mortgage and other documents are signed, payments are exchanged, and finally, the waiting is over: you get the keys.
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What are the steps of the closing process?
- Purchase agreement acceptance.
- Optional buyer home inspection.
- Loan origination.
- Lender home appraisal and credit underwriting.
- Loan Approval.
- Homeowner and title insurance.
- Closing disclosures.
What are the five steps of the closing process?
- Starting the Process. …
- Title Search and Examination. …
- Document Preparation/Request to Produce. …
- Settlement/Closing the Transaction. …
What is the final step of the sale of property?
You're nearing the finish line now! At closing, both parties will sign all of the paperwork needed to complete the sale. The title to your property is officially transferred to the buyer and you'll hand over your sets of keys.
What happens after the closing process is complete?
The amounts on the temporary accounts on the income statement are moved into the permanent accounts on the balance sheet. Revenue accounts and expense accounts have zero balance at the end of closing entries. All revenue, income or dividends that a company earns are transferred into retained earnings.