What is a Real Estate "Closing"?

What is a Real Estate “Closing”?

A "Closing" is where the actual transfer of the property title happens.  South Carolina is an "Attorney" state, meaning an attorney must handle the transfer of title from the seller to the buyer.  Most of the time, we will go to the attorney's office and met with the seller and the sellers' agent as well as the atttorney.  When we arrive, the paralegal or receptionist will ask to see your picture id and make copies of these items.  Some attorneys require you to then sign the copy of your id.  This is federal government requirement.

During the closing, you as the buyer will sign many documents.  If you ever have a question in the future, be sure to call the attorney's office and they will explain any of the documents to you.  If you are taking out a mortgage to purchase the property, you will be signing a promisary note that states you are responsible for repaying the loan in the agreed upon manner.  You will also sign a mortgage which secures the lender on the loan.  The mortgage is what basically states, "you pay you stay".  If you stop making payments, the mortgage gives the lender rights to sell the property.

There will be many other documents you will be required to sign.  The attorney will explain each document briefly and if you have any questions, you many ask the attorney for further explanation.

If you are required to bring any money to closing for closing costs or other fees, it must be in the form of "guaranteed funds" as in a Cashier's Check or you may arrange for a wire transfer to the attorney's office.  The amount needed for closing will be given to you in advance in most cases.

If you want to review the documents you are required to sign prior to closing, ask you agent or the attorney's office to provide a copy of them in advance of the closing.  You can then prepare any questions you may have for the attorney prior to the closing.  Most closings take approximately an hour in South Carolina.