Good Fences And Not So Good Neighbors: Property Law 101

3 Reasons You Need A Real Estate Closing Agent

7 April 2022 by Hunter Moore

The process of buying or selling a home is never an easy one, and it only gets more complicated during the period known as 'closing'. This is when the actual transfer of ownership takes place: essentially, when the seller receives the money paid for the house (less any money owed to their lending bank), the buyer receives the deed, and the real estate agents involved receive their agreed-upon fees. Yet the real estate closing agent plays perhaps the most important role, which is why it pays to do research on real estate closing law firms in your area. Take a look below at just a few of the most important responsibilities of a real estate closing agent, and how they benefit all parties involved.

Performing a Title Search

Many new home buyers are unfamiliar with the concept of a title search but are something that must be done before the closing process is completed. A title search simply refers to the process of using historical public records to show whether or not there are any claims on, or liens against, the property in question. In case of disputed ownership, claims made by creditors, or any other defects in the title, a real estate closing agent will be to work with you and advise you on the next steps to take. 

Processing Documents 

If there is one thing that is never lacking in the closing process, it is paperwork. Attempting to sort through all the necessary documents can be overwhelming, so it is best to have a closing agent handle everything for you. They will make sure, for example, that eligible sellers receive a Form 1099-S, which indicates the total amount of funds received for a sale of real estate. Similarly, closing agents are tasked with providing buyers with all the required documents including the loan application, closing disclosure, loan estimate, and others.

Post-Closing Responsibilities

Without a real estate closing agent to facilitate everything, you may be stuck with further responsibilities even after closing. Only an agent can provide proof to the seller that the mortgage has been paid off and discharged, as well as proof to the buyer that their loan funding has been successfully transferred from their lender to their escrow company. Throughout the entire closing process, there are many good reasons to have a real estate closing agent by your side making sure that everything is going smoothly.

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