Oklahoma Title
and Closing Company, Inc.
 
 

What is a "closing"?
A real estate "closing" is the process by which ownership or "title" to the property being purchased is transferred from the seller to the buyer.  If the buyer is financing the purchase with a mortgage loan, the closing is the time when that loan is finalized. A closing takes place only after the buyer's mortgage lender processes and approves the loan application, the background title search on the property is complete, a survey has been performed, and the title company has confirmed that there are no obstacles to closing the sale.

Do I have to attend the closing?
Generally, a closing is attended by the buyer(s), seller(s), their respective real estate agents, and, in some cases, a loan officer from the buyer's mortgage lender. Anyone who will be in title and who is to sign closing documents must attend the closing in person unless special arrangements are made

How long does the closing take?
The actual closing can take anywhere from one hour to several hours, depending on the situation. If both buyer and seller are in full agreement of all the terms of the sale, and the buyer and seller both understand all the documents they will be signing, the closing should go quite quickly.

What do I need to bring to the closing?
Your mortgage loan officer and title company representative typically provide you with a list of precisely what you need to bring. The list will be different for sellers than it will be for buyers, but there is some overlap as well.

What are closing costs?
Generally, 2-6% of the purchase price of the home.

What are acceptable forms of identification?
One of which must be a valid, government-issued photo identification (i.e. driver’s license, passport). The second form may be non-photo identification (i.e. credit card, social security card).



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