Closing day is extremely important in New Jersey real estate transactions. This is the day that the transaction finalizes and the property officially transfers from the seller to the buyer.
You will learn your closing date early in the real estate process. The closing date is typically set several weeks out to allow the buyer and seller to prepare for closing.
Buyer preparation
As a buyer, preparing for your closing date involves securing financing, conducting a title search and obtaining any necessary funds for down payments or closing costs. If you are mortgaging the property, work with your mortgage company to ensure your loan documents are ready.
A title search is a search of public records to verify ownership of the property. A clear title means that the seller is the current valid owner and no one else holds title or a lien on the property, such as a debtor.
Additionally, an inspection and final walkthrough of the home are typically done. The final walkthrough is often conducted one to two days before closing date for one last chance to view the property and note any issues that still need to be addressed.
Seller preparation
If you are a seller, preparation for closing date involves preparing the property for sale by completing any necessary or agreed-upon repairs. You are generally responsible for having all your belongings cleared from the property by closing date unless you and the buyer have agreed otherwise.
Many sellers also choose to do a final walkthrough of the property before closing to verify that the property is in the condition they promised.
Both buyers and sellers are expected to bring certain documents to the closing, such as photo identification, proof of homeowners insurance and closing costs. Both parties should read all documents related to the transaction carefully and ask any questions ahead of time.
Real estate agents, brokers, attorneys and any other parties involved in the transaction are there to provide guidance and answer questions.