Generally, the real estate closing process begins after the Contract of Sale has been signed by all parties. The property is said to be “in escrow” as the real estate transaction reaches the closing phase.

The answer to this inquiry is highly dependent on the nature of the deal. As a rough guideline, in our experience, residential closings typically tend to last anywhere from three to six weeks in duration. When it comes to complex commercial transactions, the process is generally somewhat longer.

In the beginning stages of the real estate transaction, the buyers and sellers are front and center in the process. However, as the deal progresses, lawyers, title companies and lenders play a key role in getting you to closing.

Closing generally entail the following (although the list can vary depending on the specific deal):

Correspondence with mortgage holders to determine payoff amounts
Review of title to determine presence of liens, if any, against the property (including any other items that may impact the title)
Preparation of escrow documentation
Securing any required property insurance to protect the clients’ interests

The specific deal will determine the tasks that need to be completed. The list above is provided as to give a prospective client a general idea of what to expect during the real estate closing.

(Click here for important additional information on Closing Costs) Closing costs refer to the fees incurred during, and paid at, the end of a real estate transaction. Often, the terms of the specific contract will dictate which party (buyer or seller) will pay for certain closing costs. See below for a general idea of what the closing costs encompass (again, please note the costs and services required will vary depending on the deal):

Title Company costs, including title search and title insurance fees
Inspection costs
Loan-related fees: origination and underwriting fees as well as appraisal fees

CLICK HERE FOR A MORE PRECISE BREAKDOWN OF CLOSING COSTS

It is your real estate lawyer’s responsibility to provide key oversight and representation throughout the entire process, but especially during the closing phase. The Dhaliwal Law Firm will work with you to ensure:

The entire real estate progress progresses smoothly
The Contract of Sale is error free, and contains appropriate protective clauses in your favor
no unexpected costs or issues arise that could compromise your interests
All required inspections are completed in an appropriate manner

If you are at any stage in the process of buying or selling a residential or commercial property, contact a Burlington County real estate lawyer at Dhaliwal Law Firm to ensure exceptional representation throughout your real estate transaction.

Call (609) 447-1201 - or email our firm via the Contact Us form – to find out more about our real estate legal services and how we can help you.

Known for our experience and top-quality legal services, the highly-trusted team at Dhaliwal Law Firm have dedicated a majority of our legal practice to helping our clients protect their interests and achieve their legal objectives for their real estate needs. We look forward to learning more about your situation and assisting you with any type of real estate transaction.

From offices based in Moorestown NJ, our team will provide you with the highest quality legal services throughout Burlington County and the state of New Jersey.

Proudly serving Burlington County, Mercer County, Middlesex County, Monmouth County, Somerset County, Hunterdon County, Camden County and Gloucester County Real Estate Attorney Real Estate Lawyer Closing Attorney Closing Lawyer Closings NJ Attorney Closings NJ Lawyer New Jersey Real Estate Attorney