Understanding The Closing Process by MS.Jazzetti A "closing" is the final process which occurs when a seller and buyer have signed a contract of sale for a piece of property. The closing is a meeting of all the parties to the transaction who are involved, or the representatives. It will include the buyer, the seller, the attorneys for either side, the title closer, the  bank, which can be present if the buyer obtains a mortgage, the seller's bank, if the seller must pay off a mortgage, and the real estate agent, if one was involved. At this meeting, or closing of title, each side must bring certain documents which will be inspected by all parties present. Everyone present will also be marked  as witnesses to the meeting. The Seller's attorney will provide a deed to present to the buyer's attorney. The seller's attorney will also provide an abstract of title for the buyer, to prove their are no problems or liens on the title; survey of the property, termite reports, and any other relevant information of the property. Property insurance is also required by the buyer's mortgage bank. After all the documents are checked by the representatives, all monies to be paid to the seller are prorated, including the deposit made. Property taxes, water and sewer, fuel oil remaining are all items that will be prorated. If the buyer is obtaining mortgage financing, the lender's representative will write the proper amount of the check to the seller after al other items as mentioned above are covered.  If there were any tenants to the property, the seller will provide all leases and security deposits that will be included in the prorating of funds. At the end of this meeting, a settlement statement is given to the seller and buyer to summarize all the financial aspects of the sale and which clearly states where all the payments were made and who received what.  If all the documents where prepared properly before the closing time, the meeting will go smoothly. Sometimes, a problem could occur, such as an insurance policy was not gotten in time, or their is some kind of encumbrance on the title, or cloud, which must be cleared up before the title can be transferred. In this, case, the closing may be adjourned to a future date.   Website: http://www.betterlifestyles.com